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China’s second-hand home market activities weakened in August with transactions declining from the prior month, though higher than a year earlier, according to a report released by Beike Research Institute on Tuesday.
The index tracking second-hand home transaction volumes in China’s 50 major cities stood at 37 in August, falling from 40 in the previous month, according to the report.
More than 70% of the cities saw the index decline in August from the month before, with transaction volumes in major cities including Hangzhou, Nanjing, Ningbo, Chengdu, Chongqing and Xi’an all declining month on month, said Beike.
However, the index was higher than 35 a year earlier, increasing on year for the second consecutive month, with second-hand home transactions in more than 70% of the major cities including Shanghai, Shenzhen and Changsha higher than a year earlier, it said.
The report also showed that the index tracking second-hand home prices in the 50 major cities declined by 0.6% in August from the previous month, largely in line with the drop in the previous month.
More than 70% of the 50 cities saw second-hand home prices decline month on month in August, including major cities in the Yangtze River Delta region such as Hangzhou, Ningbo and Suzhou, major cities in the Greater Bay Area such as Huizhou and Zhuhai, as well as top cities in central and western China such as Xi’an and Chongqing, said Beike.
On a year-on-year basis, the price index fell by 7.5% in August from a year earlier, faster than the declines in July, and 47 of the 50 cities saw second-hand home prices decline in August from a year ago, with only Beijing, Shanghai and Quanzhou cities saw slight gains, according to the report.