Changes in Sales Prices of Commercial Housing in 70 Large and Medium-Sized Cities in February 2024
In February 2024, the National Bureau of Statistics reported that the month-on-month decline in sales prices of commercial residential buildings in all tiers of cities continued to narrow overall. Wang Zhonghua, a statistician from the Urban Department of the National Bureau of Statistics, provided insights into the statistical data on sales price changes of commercial housing in February 2024.
Among the 70 large and medium-sized cities surveyed, the month-on-month decline in commercial housing sales prices in all tiers of cities continued to narrow, while also continuing to decline year-on-year.
In terms of new commercial residential buildings, the sales price in first-tier cities fell by 0.3% month-on-month, with Shanghai being the only city to see an increase of 0.2%. Second-tier cities saw a similar decline of 0.3% month-on-month, while third-tier cities experienced a 0.4% decrease.
For second-hand housing, first-tier cities saw a 0.8% month-on-month decline, with Beijing, Shanghai, Guangzhou, and Shenzhen showcasing drops in prices. Second and third-tier cities followed similar trends with a 0.6% decrease in sales prices.
Looking at year-on-year data, the report mentioned that the decline in sales prices of new commercial housing and second-hand housing in all tier cities expanded due to factors such as a high base from the previous year. First-tier cities saw a 1.0% year-on-year decline in sales prices for new commercial housing, while second and third-tier cities experienced a 1.1% and 2.7% decrease respectively.
Second-hand housing prices in first-tier cities fell by 6.3% year-on-year, with Beijing, Shanghai, Guangzhou, and Shenzhen showing significant drops. Second and third-tier cities also saw decreases of 5.1% year-on-year.
It’s important to note that real estate price statistics of the 70 cities are divided into first, second, and third-tier categories to provide a comprehensive outlook on the market trends.
Overall, the data suggests a mixed picture for the housing market in February 2024, with varying trends across different city tiers.