National Bureau of Statistics: Sales prices of newly built commercial homes in first-tier cities fell 0.5% month-on-month in September

The Zhitong Finance App learned that on October 18, Wang Zhonghua, chief statistician of the City Department of the National Bureau of Statistics, interpreted statistics on changes in commercial residential sales prices in September 2024. In September 2024, the month-on-month decline in commercial residential sales prices in 70 large and medium-sized cities generally stabilized, and the year-on-year decline increased. The questionnaire results showed that since late September, confidence in the real estate market has increased and expectations have improved. In September, sales prices of newly built commercial residential homes in first-tier cities fell 0.5% month-on-month, an increase of 0.2 percentage points over the previous month. In September, second-hand residential sales prices in first-tier cities fell 1.2% month-on-month, an increase of 0.3 percentage points over the previous month. Among them, Beijing, Shanghai, Guangzhou and Shenzhen fell 1.3%, 1.2%, 1.1%, and 1.3%, respectively.

The original text is as follows:

The month-on-month decline in commercial residential sales prices in September generally stabilized

——Wang Zhonghua, chief statistician of the City Department of the National Bureau of Statistics, explains September 2024

Statistics on changes in commercial residential sales prices

In September 2024, the month-on-month decline in commercial residential sales prices in 70 large and medium-sized cities generally stabilized, and the year-on-year decline increased. The questionnaire results showed that since late September, confidence in the real estate market has increased and expectations have improved.

1. The month-on-month decline in commercial residential sales prices has generally stabilized

In September, sales prices of newly built commercial residential homes in first-tier cities fell 0.5% month-on-month, an increase of 0.2 percentage points over the previous month. Among them, Beijing, Guangzhou, and Shenzhen declined by 0.7%, 0.9%, and 1.0%, respectively, while Shanghai rose 0.6%. The sales price of newly built commercial residential homes in second-tier cities fell 0.7% month-on-month, the same decline as last month. Sales prices of newly built commercial residential homes in third-tier cities fell 0.7% month-on-month, and the decline was 0.1 percentage points narrower than the previous month.

In September, second-hand residential sales prices in first-tier cities fell 1.2% month-on-month, an increase of 0.3 percentage points over the previous month. Among them, Beijing, Shanghai, Guangzhou and Shenzhen fell 1.3%, 1.2%, 1.1%, and 1.3%, respectively. Second-hand residential sales prices in second-tier cities fell 0.9% month-on-month, and the decline was 0.1 percentage points narrower than the previous month. Second-hand residential sales prices in third-tier cities fell 0.9% month-on-month, the same decline as last month.

2. The year-on-year decline in commercial residential sales prices increased

In September, sales prices of newly built commercial homes in first-tier cities fell 4.7% year on year, an increase of 0.5 percentage points over the previous month. Among them, Beijing, Guangzhou and Shenzhen declined by 4.6%, 10.3%, and 8.6%, respectively, while Shanghai rose 4.9%. Sales prices of newly built commercial residential homes in second- and third-tier cities decreased by 5.7% and 6.6%, respectively. The declines were both 0.4 percentage points higher than the previous month.

In September, second-hand residential sales prices in first-tier cities fell 10.7% year on year, an increase of 1.3 percentage points over the previous month. Among them, Beijing, Shanghai, Guangzhou and Shenzhen fell 10.3%, 7.6%, 12.8%, and 12.0%, respectively. Second-hand residential sales prices in second- and third-tier cities decreased by 8.9% and 9.0%, respectively. The declines were 0.3 and 0.5 percentage points higher than the previous month, respectively.

3. Questionnaire survey shows improvement in real estate market expectations

According to a monthly housing price questionnaire survey conducted by the National Bureau of Statistics in 70 large and medium-sized cities in late September, the share of surveyed workers who expect sales prices of newly built commercial homes and second-hand homes to remain stable or rise in the next six months is 58.3% and 45.4%, respectively. Compared with the results of the previous month's survey, this is an increase of 10.0 and 6.5 percentage points, respectively.

This article was edited by the National Bureau of Statistics, Zhitong Finance Editor: Chen Wenfang.