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China's May new home prices see steepest drop in nearly a decade

China's May new home prices see steepest drop in nearly a decade

Posted on June 21, 2024   |  

China's new home prices continued to drop in May, showing the biggest decline in nearly 10 years despite rescue efforts.

Prices in 70 medium and large cities fell by 0.7% month-on-month in May, the largest drop since October 2014.

Compared to last year, new home prices decreased by 4.3%.

Primary market prices fell in 68 out of 70 surveyed cities, up from 64 in April; secondary market prices dropped in all 70 cities, compared to 69 in April.

Tier-1 city new home prices decreased by 0.7% month-on-month in May, with Beijing, Guangzhou, and Shenzhen seeing declines of 0.8% to 1.4%, while Shanghai saw a 0.6% increase.

Existing home prices in tier-1 cities dropped by 1.2% month-on-month in May, with Shanghai, Beijing, Shenzhen, and Guangzhou seeing declines of 1% to 1.6%.

Secondary home prices in tier-2 and tier-3 cities fell by 1% and 0.9%, respectively.

New home sales showed slight improvement, with the top 100 developers generating 322.4 billion yuan in May, a 3.4% month-on-month increase, but still 33.6% lower than a year ago.



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