July 70 City Housing Prices: Decline in Second-hand Housing Prices Widens, Rise in First and Second-tier New Housing Prices Falls, Chengdu Continues to Lead

On Wednesday, August 16th, the National Bureau of Statistics released data showing that in July 2023, the number of cities with rising prices for residential properties in 70 large and medium-sized cities decreased. Prices for residential properties in various tier cities remained stable or decreased on a month-on-month basis, with some cities experiencing both year-on-year increases and decreases. Among them, there were 20 cities with a month-on-month increase in prices for newly built residential properties and 6 cities with a month-on-month increase in prices for second-hand residential properties. Compared to the previous month, the number of cities with a month-on-month increase decreased by 11 for newly built residential properties and by 1 for second-hand residential properties. There were 26 cities with a year-on-year increase in prices for newly built residential properties and 5 cities with a year-on-year increase in prices for second-hand residential properties. Compared to the previous month, the number of cities with a year-on-year increase decreased by 1 for both types of properties. In Chengdu, the year-on-year increase in prices for newly built residential properties in July was 6.4%, and the increase from January to July this year was 8.0%. The year-on-year increase in prices for second-hand residential properties in July was 5.2%, and the increase from January to July this year was 8.2%. Chengdu had the largest increase in prices for second-hand residential properties among the 70 cities. Newly Built Residential Properties: Year-on-Year Increases in First and Second Tier Cities Decline, Decrease in Third Tier Cities Widens In terms of year-on-year changes, in July, among the 70 large and medium-sized cities, there were 26 cities with a year-on-year increase in prices for newly built residential properties, a decrease of 1 compared to the previous month. Prices for residential properties in various tier cities showed both increases and decreases on a year-on-year basis. In July, prices for newly built residential properties in first and second tier cities increased by 1.0% and 0.2% respectively, a decrease of 0.3 percentage points compared to the previous month. Prices for newly built residential properties in third tier cities decreased by 1.5%, an increase of 0.1 percentage points compared to the previous month. In terms of month-on-month changes, there were 20 cities with an increase in prices for newly built residential properties, a decrease of 11 compared to the previous month. Prices for residential properties in various tier cities remained stable or slightly decreased on a month-on-month basis. In July, prices for newly built residential properties in first tier cities remained unchanged for two consecutive months. Among them, prices in Beijing and Shanghai increased by 0.4% and 0.2% respectively, while prices in Guangzhou and Shenzhen decreased by 0.2% and 0.6% respectively. Prices for newly built residential properties in second tier cities changed from being stable in the previous month to a decrease of 0.2%. Prices for newly built residential properties in third tier cities decreased by 0.3%, an increase of 0.2 percentage points compared to the previous month. Among the four first tier cities: Beijing: In July, the month-on-month increase in prices for newly built residential properties was +0.4% (previous value: +0.1%), and the year-on-year increase was +3.5% (previous value: +3.5%). Shanghai: In July, the month-on-month increase in prices for newly built residential properties was +0.2% (previous value: +0.4%), and the year-on-year increase was +4.5% (previous value: +4.8%). Guangzhou: In July, the month-on-month decrease in prices for newly built residential properties was -0.2% (previous value: -0.1%), and the year-on-year decrease was -1.3% (previous value: -0.8%). Shenzhen: In July, the month-on-month decrease in prices for newly built residential properties was -0.6% (previous value: -0.3%), and the year-on-year decrease was -2.8% (previous value: -2.4%). Second-hand Housing: Decline in Prices in First, Second, and Third-tier Cities In terms of year-on-year comparison, in July, out of the 70 large and medium-sized cities, there were 5 cities where the sales prices of second-hand residential properties increased compared to the same period last year, which is 1 city less than the previous month. The year-on-year decline in sales prices of second-hand residential properties in first, second, and third-tier cities was 1.4%, 2.7%, and 3.5% respectively, with the decline expanding by 1.0, 0.3, and 0.1 percentage points compared to the previous month. In terms of month-on-month comparison, in July, out of the 70 large and medium-sized cities, there were 6 cities where the sales prices of second-hand residential properties increased compared to the previous month, which is 1 city less than the previous month. Looking at second-hand residential properties, in July, the month-on-month decline in sales prices of second-hand residential properties in first-tier cities was 0.8%, with the decline expanding by 0.1 percentage points compared to the previous month; the month-on-month decline in sales prices of second-hand residential properties in second-tier cities was 0.5%, with the decline expanding by 0.1 percentage points compared to the previous month; the month-on-month decline in sales prices of second-hand residential properties in third-tier cities was 0.4%, with the decline remaining the same as the previous month. Among the four first-tier cities: Beijing's second-hand residential property prices in July decreased by 0.6% compared to the previous month (previously -0.7%), and increased by 0.6% compared to the same period last year (previously +1.5%). Shanghai's second-hand residential property prices in July decreased by 0.7% compared to the previous month (previously -1.2%), and decreased by 1.2% compared to the same period last year (previously +0.2%). Guangzhou's second-hand residential property prices in July decreased by 1% compared to the previous month (previously -0.3%), and decreased by 3.2% compared to the same period last year (previously -2.2%). Shenzhen's second-hand residential property prices in July decreased by 0.9% compared to the previous month (previously -0.7%), and decreased by 1.7% compared to the same period last year (previously -1.3%).