After the May Day holiday, the overall performance of the property market also began to appear.
According to the data of the China Index Institute, during the May Day holiday, the number of visits to new housing projects in some cities increased compared with before, driven by policy optimization and project promotion. The average daily sales area of new homes in 22 representative cities has decreased by more than 40% compared with the 2023 holiday, and has recovered to about 70% of the 2019 holiday level.
The number of visits to some high-quality projects in Beijing, Guangzhou, Shenzhen, Chengdu, Nanjing, Jinan and other places has increased significantly, but the wait-and-see sentiment is still there. Among them, the average daily transaction area of Beijing and Jinan during the May Day holiday in 2024 increased compared with last year's holiday, and both were higher than the 2019 holiday level, while the property market performance in most third- and fourth-tier cities was average, and the market transaction generally decreased compared with the May Day holiday data in recent years.
Zhuge housing data also shows that during the May Day holiday (5.1-5.5), 2,123 new commercial residences were traded in the key 12 cities, with an average daily transaction of 425 units, and the total transaction volume decreased by 52.12% from 4,434 units in 2023. The 12 cities are Beijing, Shanghai, Shenzhen, Suzhou, Nanjing, Qingdao, Jinan, Chengdu, Wuhan, Foshan, Wenzhou and Shaoguan.
Compared with the transactions of new houses during the May Day holiday in various cities last year, only the transactions of Beijing, Chengdu and Jinan performed better than last year, and the transactions in many cities showed a downward trend.
Among them, Jinan's increase doubled far ahead, the total transaction volume increased from 84 sets last year to 196 sets, and many real estate companies in Jinan launched many preferential measures during the May Day holiday, including a fixed price listing, a price reduction of up to 300,000 to 500,000 yuan, etc., driving the heat of the new housing market to rise significantly.
Chengdu and Beijing have gradually released the demand for housing under the stimulus of the loosening of the purchase restriction policy, and the activity of new housing transactions on May Day this year has caught up with that of last year, and the transaction volume has increased by more than 20% year-on-year.
Compared with the performance of new houses during the Qingming holiday this year, Chengdu, Shaoguan and Nanjing have accelerated their efforts, and the average daily transaction volume during the May Day holiday has increased significantly compared with the Qingming holiday, with an increase of more than 80%;
Judging from the second-hand housing transaction data, the transaction trend of second-hand housing during the May Day holiday in 2024 is consistent with that of new housing, and the overall transaction data is still declining. According to the monitoring data of the Zhuge Data Research Center, 421 second-hand residential units were traded in the key 6 cities during the May Day holiday this year, a decrease of 46.51% compared with the May Day holiday in 2023.
In terms of specific cities, the number of rising and falling cities is mixed, with the transaction volume of Shenzhen, Qingdao, and Suzhou increasing compared with 2023, among them, Shenzhen has doubled, Qingdao has risen by more than 60%, and Suzhou has increased from last year's May Day "0" online signing to 3 sets. In addition, the transaction volume of second-hand houses in Beijing, Wuxi and Foshan is not as good as last year's May Day holiday, among which Beijing has the most significant decline, from 360 units last year to 55 units, or affected by factors such as the diversion of new houses.
Although the new housing market in some areas is now warming up, the market is still in a slow recovery trend, and the total transaction volume is at the lowest level in the past five years. Although many places have intensively launched preferential activities for house purchases and relaxed purchase restrictions before the holiday, the overall online signing data has not yet appeared, and the phenomena such as the continuous decline in housing prices and the high number of listings still exist.
Cao Jingjing, general manager of the index research department of the China Index Research Institute, said that in the past two years, the overall performance of the real estate market has been relatively flat under the pressure of residents' enthusiasm for travel and industry adjustment. Judging from the performance of the property market during this year's May Day holiday, on the supply side, the pace of real estate enterprises before the holiday has accelerated slightly.
Cao Jingjing believes that the 4.30 meeting of the Political Bureau of the Central Committee set the tone for the property market, and the policies at both ends of real estate supply and demand are expected to continue to be optimized. It is expected that more core cities will optimize restrictive policies in the future, and first-tier cities may optimize purchase restrictions for different groups of people, different regions and different areas, and second-tier cities may completely cancel the purchase restriction policy.
The second-hand housing market is expected to maintain a certain degree of activity in the short term under the "price for volume", and the current "trade-in" activities in many cities are conducive to further opening up the first-hand and second-hand chain, and is also expected to have a positive impact on the new housing market.
Produced by | Sohu Finance Author | Edited by Wang Zehong | Wu Ya Operations Editor | Wang Yiqing
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