China Index Academy: The average price of new houses in 100 cities fell for three consecutive months

SHANGHAI, August 2 (SMM) –

The performance of real estate market transactions in July was lower than market expectations. According to the data released by the China Index Academy in July 2023, the average price of new commercial houses in 100 cities across the country was 16,177 yuan/square meter, a month-on-month decrease of 0.01% and the year-on-year decline expanded to 0.17%, falling for three consecutive months. The number of cities whose price of new houses fell month-on-month was 45 in the 100 cities. Cao Jingjing, the general manager of the index business department of China Index Academy, said that the price of new commercial houses in first-tier cities rose slightly in July, while the price of new residential buildings in second-tier, third-tier, and fourth-tier representative cities saw a wider decline from the previous month. From the perspective of accumulation, according to preliminary statistics, from January to July this year, the average monthly transaction scale of new commercial residential buildings in 100 cities narrowed to about 5% compared with the same period in 2022. The statistic was about 6 percentage points lower than that from January to June, which is the lowest comparing the same period since 2016. In addition, the second-hand housing market is also falling severely. According to the monitoring data of the China Index Academy, the average price of second-hand housing in 100 cities in July this year was 15,685 yuan/square meter, a month-on-month decrease of 0.39%, which has been falling for 15 consecutive months. The decline in July increased by 0.14 percentage points compared with that in June, and the year-on-year decline expanded to 2.04%. Many analysts reckoned that after a short-term pick-up in the real estate market in the first quarter of this year, it will enter the process of bottoming out again in the second quarter.