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Average new home prices in China’s top 100 cities stood at 16,203 yuan per square meter in August, falling by 0.01% from the previous month, in line with the drop in July, according to a report from the China Index Academy, one of the largest independent real estate firms in China.
The prices rose 0.32% from a year earlier, narrowing by 0.2 percentage point from the growth in the month before, showed the data.
Average new home prices in tier-one cities including Beijing and Shanghai fell 0.08% from the previous month, after a 0.16% fall in July.
Average second-hand home prices in the 100 cities stood at 15,991 yuan per square meter, falling by 0.13% from the prior month, expanding by 0.04 percentage point from the drop in July, and the prices declined by 0.12% from a year earlier, compared to gains in July, showed the data.
In August, 69 out of 100 cities reported a month-on-month drop in new home prices, the most since February 2020, according to the report. More than 47 cities had reported a fall in prices in July.
Average monthly housing rent in China’s 50 major cities stood at 37.3 yuan per square meter in August, rising by 0.06% from the previous month, narrowing by 0.03 percentage points from the previous month, and the rent fell by 2.95% from a year earlier, expanding by 0.39 percentage points from the drop in the month before, according to the report.
In the next few months, local governments are expected to continue to fully use policy tools and take a city-tailored approach to stabilize the housing market, the China Index Academy said in a report.
As the regulatory environment for the housing market continue to improve and the traditional busy season for the sector approaches, some top cities’ real estate market will likely stabilize gradually, according to the report.