Financial Services Association, May 17. According to data from the National Bureau of Statistics, in April 2024, the real estate market continued to adjust. Among 70 large and medium-sized cities, commercial residential sales prices in all tier cities increased month-on-month and year-on-year declines. In April, sales prices of newly built commercial residential homes in first-tier cities fell 0.6% month-on-month, an increase of 0.5 percentage points over the previous month. Among them, Beijing, Guangzhou, and Shenzhen declined by 0.7%, 1.3%, and 1.0%, respectively, while Shanghai rose 0.3%. Sales prices of newly built commercial residential homes in second- and third-tier cities decreased by 0.5% and 0.6%, respectively, and both increased by 0.2 percentage points over the previous month. In April, second-hand residential sales prices in first-tier cities fell 1.1% month-on-month, an increase of 0.4 percentage points over the previous month. Among them, Beijing, Shanghai, Guangzhou and Shenzhen fell 1.6%, 0.8%, 1.4%, and 0.7%, respectively. Second-hand residential sales prices in second- and third-tier cities all fell 0.9% month-on-month, and the declines were increased by 0.4 percentage points over the previous month.

Wang Zhonghua, chief statistician of the City Department of the National Bureau of Statistics, explained the statistics on changes in commercial residential sales prices in April 2024.

Commercial residential sales prices continued to decline in major cities in April

——Wang Zhonghua, chief statistician of the City Department of the National Bureau of Statistics, interprets statistics on changes in commercial residential sales prices in April 2024

In April 2024, the real estate market continued to adjust. Among 70 large and medium-sized cities, the month-on-month and year-on-year declines in commercial residential sales prices in all tier cities increased.

1. The month-on-month decline in commercial residential sales prices in various tier cities increased

In April, sales prices of newly built commercial homes in first-tier cities fell 0.6% month-on-month, an increase of 0.5 percentage points over the previous month. Among them, Beijing, Guangzhou and Shenzhen declined by 0.7%, 1.3%, and 1.0%, respectively, while Shanghai rose 0.3%. Sales prices of newly built commercial residential homes in second- and third-tier cities fell 0.5% and 0.6%, respectively, and both increased by 0.2 percentage points over the previous month.

In April, second-hand residential sales prices in first-tier cities fell 1.1% month-on-month, an increase of 0.4 percentage points over the previous month. Among them, Beijing, Shanghai, Guangzhou and Shenzhen fell 1.6%, 0.8%, 1.4%, and 0.7%, respectively. Second-hand residential sales prices in second- and third-tier cities all fell 0.9% month-on-month, and the declines were increased by 0.4 percentage points over the previous month.

2. The year-on-year decline in commercial residential sales prices in various tier cities increased

In April, sales prices of newly built commercial homes in first-tier cities fell 2.5% year on year, an increase of 1.0 percentage point over the previous month. Among them, Beijing, Guangzhou, and Shenzhen decreased by 0.5%, 6.9%, and 6.7%, respectively, and Shanghai rose 4.2% year on year. Sales prices of newly built commercial residential homes in second-tier and third-tier cities decreased by 2.9% and 4.2%, respectively. The declines increased by 0.9 and 0.8 percentage points, respectively, from the previous month.

In April, second-hand residential sales prices in first-tier cities fell 8.5% year on year, an increase of 1.2 percentage points over the previous month. Among them, Beijing, Shanghai, Guangzhou and Shenzhen fell 8.0%, 7.5%, 10.2%, and 8.5%, respectively. Second-hand residential sales prices in second- and third-tier cities decreased by 6.8% and 6.6%, respectively, and both increased by 0.9 percentage points over the previous month.