According to data released by the National Bureau of Statistics on May 17, in April 2024, the real estate market continued to adjust, and among the 70 large and medium-sized cities, the sales prices of commercial residential buildings in all tiers of cities decreased month-on-month and year-on-year.
The month-on-month decline in housing prices in all tiers of cities expanded
According to data from the National Bureau of Statistics, in April, the month-on-month decline in the sales price of commercial housing in all tiers of cities expanded.
In terms of new homes, in April, the sales price of newly built commercial residential buildings in first-tier cities fell by 0.6% month-on-month, an increase of 0.5 percentage points from the previous month. Among them, Beijing, Guangzhou and Shenzhen fell by 0.7%, 1.3% and 1.0% respectively, and Shanghai rose by 0.3%. The sales prices of newly built commercial residential buildings in second- and third-tier cities decreased by 0.5% and 0.6% month-on-month respectively, with the decline rate both increasing by 0.2 percentage points from the previous month.
In April, the sales prices of second-hand residential buildings in first-tier cities fell by 1.1% month-on-month, an increase of 0.4 percentage points from the previous month, of which Beijing, Shanghai, Guangzhou and Shenzhen fell by 1.6%, 0.8%, 1.4% and 0.7% respectively. Second-hand residential sales prices in second- and third-tier cities both fell by 0.9% month-on-month, and the decline rate increased by 0.4 percentage points from the previous month.
From the perspective of cities with housing price adjustments, among the 70 large and medium-sized cities, 64 of them saw a month-on-month decrease in the sales prices of newly built commercial residential buildings, and 69 of them saw a month-on-month decrease in the sales prices of second-hand residential buildings.
Month-on-month changes in the selling prices of newly built commercial residential buildings in 70 large and medium-sized cities
Month-on-month changes in the selling prices of second-hand residential buildings in 70 large and medium-sized cities
Source: National Bureau of Statistics
"Entering April, although the demand for housing continues to be released under the influence of various policies, especially the second-hand housing transaction volume in many cities continues to rise, the overall housing prices in the country are still adjusting, and the 'price for volume' market continues." Zhang Dawei, chief analyst of Centaline Real Estate, said.
Blockbuster policies are expected to be introduced
Since the beginning of this year, all localities have continued to optimize real estate regulation and control policies according to city policies. Among them, the first-tier cities have maintained a steady pace of optimization as a whole, and the second-tier core cities have increased their optimization efforts. In April, the national real estate market policy continued to be loose, and the housing purchase restriction policy was gradually withdrawn from the market.
At the same time, the real estate financing coordination mechanism has achieved positive results since its implementation in January, according to the data disclosed by the Ministry of Housing and Urban-Rural Development on April 3, all cities at and above the prefecture level have established urban real estate financing coordination mechanisms.
On the afternoon of May 17, the State Council Information Office will hold a regular briefing on the policies of the State Council to introduce the relevant policies for ensuring the delivery of housing.
It is expected that the next property market is expected to continue to upgrade. With the coordinated efforts of macro policies and the continuous follow-up of policies at both ends of real estate supply and demand, the market sentiment is expected to improve marginally in the future, especially in core cities driven by policies, market activity may gradually recover.
"The market will be better in May than in April, and the market needs heavy policies." Zhang Dawei said that the relationship between supply and demand in the real estate market has changed, and increasing confidence, preventing risks, and promoting transformation are still the direction of future policies. On the demand side, reducing the threshold and cost of buying a house is still the focus of the policy, and on May 9, the hot property market cities of Hangzhou and Xi'an completely canceled the purchase restriction policy, which brought a signal of extraordinary significance. Due to the city's policies and needs, the relevant policies will continue to be increased to promote the release of improved housing demand, and second-tier cities have completely lifted housing purchase restrictions; The down payment ratio of first and second home loans in core first- and second-tier cities is still expected to be further reduced.
"With the coordinated efforts of macro policies and the continuous follow-up of policies at both ends of real estate supply and demand, the market sentiment is expected to improve marginally in the future, especially in core cities driven by policies, market activity may gradually recover." Zhang Dawei said.
Reviewer: Zhang Qinfeng
Editor: Zhang Diange
Proofreader: Zhang Lijing
Producer: Li Ruoyu
Issued by: Sun Hong