According to data released by the National Bureau of Statistics on the 16th, in March 2024, the transaction volume of newly built commercial housing and second-hand housing in 70 large and medium-sized cities increased compared with the previous period, and the month-on-month decline in the sales price of commercial housing in all tiers of cities narrowed slightly and the year-on-year decline expanded.
In terms of new homes, in March, the sales price of newly built commercial residential buildings in first-tier cities fell by 0.1% month-on-month, a decrease of 0.2 percentage points from the previous month. Among them, Beijing was flat, Shanghai rose 0.5%, Guangzhou and Shenzhen fell by 0.7% and 0.4%, respectively. The sales prices of newly built commercial residential buildings in second- and third-tier cities fell by 0.3% and 0.4% month-on-month, respectively, and the decline rate was the same as that of the previous month. In terms of second-hand housing, in March, the sales price of second-hand housing in first-tier cities fell by 0.7% month-on-month, a decrease of 0.1 percentage points from the previous month, of which Beijing, Shanghai, Guangzhou and Shenzhen fell by 0.4%, 0.3%, 1.0% and 1.0% respectively. Second-hand residential sales prices in second- and third-tier cities both fell by 0.5% month-on-month, and the decline rate was 0.1 percentage points narrower than that of the previous month.
In terms of the number of changes in housing prices, among the 70 large and medium-sized cities, there were 57 and 69 cities with month-on-month declines in the sales prices of newly built commercial residential buildings and second-hand residential buildings, respectively, the number of cities with a decline in the housing prices of newly built commercial residential buildings decreased by 2 from the previous month, and the number of cities with a decline in second-hand residential housing prices increased by 1 from the previous month.
Source: National Bureau of Statistics
"March is the traditional 'small spring', seasonal demand is released intensively, and various favorable policies are frequently issued before and after the Spring Festival. However, because the overall market is still in the process of adjustment in the early stage, although the transaction volume gradually stabilized in March, most of the market is still exchanging price for volume. Zhang Dawei, chief analyst of Centaline Real Estate, said.
Since the beginning of this year, various localities have successively introduced relevant real estate adjustment and optimization policies "according to the city". According to the monitoring data of the China Index Research Institute, nearly 90 provinces and cities (counties) across the country issued more than 100 policies in the first quarter, including canceling or relaxing the purchase restriction policy, optimizing the provident fund loan policy, and canceling the lower limit of the loan interest rate in stages.
With the gradual implementation of the policy of stabilizing the property market in various places, the World Union Bank said that in March this year, although the overall year-on-year data of the market was declining, it improved month-on-month. Beijing's second-hand housing market has rebounded, Shenzhen's second-hand housing transaction volume has exceeded 5,000 units, and Shanghai has also achieved good sales results.
Guan Rongxue, a senior analyst at Zhuge Data Research Center, expects that the intensive release of property market policies may drive market sentiment to gradually recover, and the month-on-month decline in new and second-hand housing prices in April may show a narrowing or stabilizing trend.
Zhang Dawei believes that on the whole, the property market as a whole has shown signs of coming out of the trough in March, and it is expected that the market will continue to stabilize in April.
Reviewer: Ni Mingya Editor: Zhang Jing Proofreader: Jiao Yuanyuan Producer: Zhang Nan Issued: Sun Hong