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The number of second-hand home listings in China’s 13 major cities stood at 1.99 million units at the start of June, surging by 25% from the 1.59 million units at the start of 2023, according to Shanghai’s E-House R&D Institute.
The 13 cities include Beijing, Shanghai, Guangzhou, Shenzhen, Chongqing, Chengdu, Nanjing, Tianjin, Wuhan, Xi’an, Shenyang, Hangzhou and Hefei.
In particular, second-hand home listings in Chongqing, Chengdu and Shanghai stood at 220,000 units, 200,000 units and 180,000 units, respectively, in early July, the top three among the 13 cities. The listings in Shanghai surged by 82% during the period, the fastest growth among the cities, followed by 72% in Wuhan and 40% in Xi’an.
In the first half, the willingness to sell second-hand home was strong, but market transactions were blocked by several factors, leading to surging home stockpiles, said Yan Yuejin, research director of the E-House R&D Institute.
After China lifted the Covid restrictions, the housing market didn’t show a retaliatory rebound as expected, which made home owners turn pessimistic and led to a jump in listings, said Li Yujia chief researcher of the Guangdong Housing Policy Research Center.