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Second-hand home transactions in China’s technology hub of Shenzhen reached 2,259 units in July, falling by 6% from the previous month, according to data compiled by online real estate agent Leyoujia.
Since April this year, Shenzhen’s monthly second-hand home transactions have declined from nearly 4,000 units to around 2,000 units.
Separate data from the Shenzhen Real Estate Intermediary Association showed that second-hand home sales, measured by contract initiation, in the city reached 2,999 units, sliding 6% from the previous month.
In terms of second-hand home listings, as of August 1, the public listings in the four major real estate agencies – Beike Zhaofang, Leyoujia, Centaline and Kfang stood at 158,380, decreasing by 5,789 or by 3.5% from the 164,169 units on July 1.
As market transactions decline continuously, some home owners’ mentality has changed and wait-and-see sentiment intensified, leading to a decrease in second-hand home listings in July, said the association.
The average second-hand home transaction price fell by 1% in July from the previous month as transaction volume declined.