National Bureau of Statistics: In October, the month-on-month decline in commodity housing sales prices in 70 large and medium-sized cities generally narrowed

According to the Zhitong Finance APP, on November 15, Wang Zhonghua, the chief statistician of the Urban Division of the National Bureau of Statistics, interpreted the statistical data on the changes in commodity residential sales prices for October 2024. In October 2024, among 70 large and medium-sized cities, the month-on-month decline in commodity residential sales prices in various cities narrowed or turned to an increase, and the year-on-year decline stabilized, indicating further improvement in real estate market expectations. In October, the sales price of newly built commodity residential properties in first-tier cities decreased by 0.2% month-on-month, a decrease of 0.3 percentage points compared to the previous month. Among them, Shanghai and Shenzhen increased by 0.3% and 0.1%, respectively, while Beijing and Guangzhou both decreased by 0.7%. In addition, the monthly housing price survey conducted by the National Bureau of Statistics in October among 70 large and medium-sized cities showed that the proportion of respondents expecting the sales prices of newly built commodity residential properties and second-hand residential properties to remain stable or increase in the next six months continued to rise, reaching 75.9% and 60.4%, respectively, an increase of 17.6 and 15.0 percentage points compared to the previous month.

The original text is as follows:

In October, the month-on-month decline in commodity residential sales prices in 70 large and medium-sized cities generally narrowed

—— Interpretation of the statistical data on the changes in commodity residential sales prices for October 2024 by Wang Zhonghua, chief statistician of the Urban Division of the National Bureau of Statistics

In October 2024, among 70 large and medium-sized cities, the month-on-month decline in commodity residential sales prices in various cities narrowed or turned to an increase, and the year-on-year decline stabilized, indicating further improvement in real estate market expectations.

1. The month-on-month decline in commodity residential sales prices in various cities generally narrowed, and the second-hand residential prices in first-tier cities turned to an increase month-on-month

In October, the sales price of newly built commodity residential properties in first-tier cities decreased by 0.2% month-on-month, a decrease of 0.3 percentage points compared to the previous month. Among them, Shanghai and Shenzhen increased by 0.3% and 0.1%, respectively, while Beijing and Guangzhou both decreased by 0.7%. The sales price of second-hand residential properties in first-tier cities turned from a decrease of 1.2% last month to an increase of 0.4%, marking the first increase in nearly 13 months. Among them, Beijing, Shanghai, and Shenzhen increased by 1.0%, 0.2%, and 0.7%, respectively, while Guangzhou decreased by 0.4%.

In October, the sales price of newly built commodity residential properties in second-tier cities decreased by 0.5% month-on-month, a decrease of 0.2 percentage points compared to the previous month; the second-hand residential prices decreased by 0.4% month-on-month, a decrease of 0.5 percentage points. In third-tier cities, the sales price of newly built commodity residential properties decreased by 0.5% month-on-month, a decrease of 0.2 percentage points; the second-hand residential prices decreased by 0.6% month-on-month, a decrease of 0.3 percentage points.

In October, among the 70 large and medium-sized cities, there were 7 cities where the sales prices of newly built commodity residential properties increased month-on-month, an increase of 4 compared to the previous month; there were 8 cities where the second-hand residential prices increased month-on-month, an increase of 8 compared to the previous month.

2. The year-on-year decline in commodity residential sales prices in various cities generally stabilized

In October, the sales price of newly built commodity residential properties in first-tier cities decreased by 4.6% year-on-year, a decrease of 0.1 percentage points compared to the previous month. Among them, Beijing, Guangzhou, and Shenzhen decreased by 4.9%, 10.4%, and 8.1%, respectively, while Shanghai increased by 5.0%. The sales price of second-hand residential properties in first-tier cities decreased by 9.6% year-on-year, a decrease of 1.1 percentage points, among which Beijing, Shanghai, Guangzhou, and Shenzhen decreased by 8.4%, 6.7%, 12.5%, and 10.9%, respectively In October, the sales prices of newly built commercial residential properties in second-tier cities decreased by 6.0% year-on-year, with the decline widening by 0.3 percentage points compared to the previous month; the prices of second-hand residential properties fell by 8.8%, with the decline narrowing by 0.1 percentage points. In third-tier cities, the sales prices of newly built commercial residential properties and second-hand residential properties decreased by 6.6% and 9.0% year-on-year, respectively, with the decline remaining the same as the previous month.

3. Survey shows further improvement in real estate market expectations

The monthly housing price survey conducted by the National Bureau of Statistics in October across 70 large and medium-sized cities shows that the proportion of respondents expecting the sales prices of newly built commercial residential properties and second-hand residential properties to remain stable or rise in the next six months continues to increase, reaching 75.9% and 60.4%, respectively, up by 17.6 and 15.0 percentage points compared to the previous month.

Note:

The classification of first, second, and third-tier cities in the real estate price statistics of 70 large and medium-sized cities: First-tier cities refer to the four cities of Beijing, Shanghai, Guangzhou, and Shenzhen; second-tier cities refer to 31 cities including Tianjin, Shijiazhuang, Taiyuan, Hohhot, Shenyang, Dalian, Changchun, Harbin, Nanjing, Hangzhou, Ningbo, Hefei, Fuzhou, Xiamen, Nanchang, Jinan, Qingdao, Zhengzhou, Wuhan, Changsha, Nanning, Haikou, Chongqing, Chengdu, Guiyang, Kunming, Xi'an, Lanzhou, Xining, Yinchuan, and Urumqi; third-tier cities refer to 35 cities including Tangshan, Qinhuangdao, Baotou, Dandong, Jinzhou, Jilin, Mudanjiang, Wuxi, Xuzhou, Yangzhou, Wenzhou, Jinhua, Bengbu, Anqing, Quanzhou, Jiujiang, Ganzhou, Yantai, Jining, Luoyang, Pingdingshan, Yichang, Xiangyang, Yueyang, Changde, Shaoguan, Zhanjiang, Huizhou, Guilin, Beihai, Sanya, Luzhou, Nanchong, Zunyi, Dali, etc.

This article is compiled from: National Bureau of Statistics; Edited by Zhitong Finance: Liu Xuan.