The Chief Statistician Wang Zhonghua of the Urban Department of the National Bureau of Statistics interpreted the statistical data on the changes in the selling prices of commodity residences in September 2024, stating that in September 2024, the overall monthly decline in selling prices of commodity residences in 70 large and medium-sized cities tended to stabilize, while the annual decline widened. Survey results show that since late September, confidence in the real estate market has strengthened and expectations have improved.
In September, the monthly sales prices of new commodity residences in first-tier cities decreased by 0.5%, with a widening decline of 0.2 percentage points compared to the previous month. Among them, Beijing, Guangzhou, and Shenzhen decreased by 0.7%, 0.9%, and 1% respectively, while Shanghai increased by 0.6%. The monthly sales prices of new commodity residences in second-tier cities decreased by 0.7%, with the same decline as the previous month. In third-tier cities, the monthly sales prices of new commodity residences decreased by 0.7%, with a narrower decline of 0.1 percentage points compared to the previous month.
In September, the annual decline in the sales prices of new commodity residences in first-tier cities was 4.7%, an increase of 0.5 percentage points compared to the previous month. Among them, Beijing, Guangzhou, and Shenzhen decreased by 4.6%, 10.3%, and 8.6% respectively, while Shanghai increased by 4.9%. The annual declines in the sales prices of new commodity residences in second and third-tier cities were 5.7% and 6.6% respectively, both increasing by 0.4 percentage points compared to the previous month.
The monthly housing price survey conducted by the National Bureau of Statistics for 70 large and medium-sized cities in late September revealed that 58.3% and 45.4% of surveyed practitioners expect the sales prices of new and second-hand residential properties to remain stable or rise over the next six months, showing increases of 10% and 6.5 percentage points respectively compared to the previous month's survey results.