China Real Estate Network News (Liu Min/Text) In August, the price of second-hand housing continued to adjust, but the decline narrowed.
According to a recent report released by the Linping Residential Big Data Research Institute, the average price of the second-hand residential market in 100 key cities in August 2024 was 14,245 yuan / square meter, down 0.59% month-on-month, 0.06 percentage points narrower than the previous month, and the year-on-year decline expanded to 7.07%. Second-hand housing prices have fallen for 18 consecutive months month-on-month and 20 consecutive months year-on-year.
Lin Ping Residential Big Data Research Institute believes that the month-on-month decline in housing prices in August narrowed slightly, but the year-on-year decline is still expanding, and the follow-up property market policies still need to continue to increase, such as actively encouraging the collection of storage houses in various places to promote the further rationalization of supply and demand.
The report pointed out that the demand of the property market, the income and confidence of home buyers will still need some time to recover, and at the same time, some cities are still on the rise in the number of listings under the "old for new" model, and the relationship between supply and demand needs to be improved, and it is expected that short-term second-hand housing prices will continue to adjust.
Housing prices in all tiers of cities continue to fall
From the perspective of city level, the average price of the second-hand housing market in various levels of cities continued to decline in August, the first and second tiers narrowed the month-on-month decline, and the third and fourth tiers were still expanding; On a year-on-year basis, the decline narrowed by only one line.
According to the report, in August 2024, the average market price in first-tier cities was 55,585 yuan/square meter, down 0.02% month-on-month, and the year-on-year decline narrowed by about 0.3% to 5.43% from the previous month; The average market price in second-tier cities was 16,933 yuan/square meter, down 0.81% month-on-month and 8.87% year-on-year; The average market price in third- and fourth-tier cities was 9,093 yuan/square meter, down 5.11% and 0.51% respectively from the same period last year.
From the perspective of the month-on-month situation, the month-on-month decline in first-tier cities has narrowed significantly, and the room for decline has begun to become limited, and there is a trend of deep adjustment into a slight recovery; The second-tier cities saw a slight month-on-month decline, but the absolute value of the decline was still large, and the decline in the third- and fourth-tier cities continued to expand.
According to the report, as the decline in first-tier cities is relatively "steeper", housing prices in second-, third- and fourth-tier cities are still relatively weak, and first-tier cities are likely to get out of the independent market faster.
Shanghai entered the top three month-on-month gains
Specific to the city, in August, the housing prices in the key 100 cities were still "falling more and rising less", with 15 cities rising and 3 cities flat month-on-month; 82 cities fell month-on-month, a decrease of 1 city from the previous month.
In terms of month-on-month gains, Changchun, Yinchuan and Shanghai ranked the top three, up 1.03%, 0.63% and 0.51% month-on-month, respectively. It is worth noting that the recent trend of prices in Shanghai is relatively clear, and the first and second houses are on the rise. Shenzhen rose slightly, while Beijing was basically flat. On the whole, the first-tier property market has a trend of stabilization and will have a positive signal for the market.
From the perspective of the top 10 cities with month-on-month declines, the 10 cities all fell by more than 1.2%. Among them, Jiaxing, Xining and Nanyang ranked the top three decliners, down 2.83%, 2.27% and 2.23% respectively from the previous month; Wenzhou has entered the top 10 decliners for 2 consecutive months, down 2.14% month-on-month.