Sales prices of commercial residential buildings in 70 large and medium-sized cities in China saw a month-on-month decline, with the year-on-year decrease narrowing overall across city tiers, data released by the National Bureau of Statistics (NBS) showed on Friday.
In July, sales prices of newly built commercial residential buildings in first-tier cities fell by 0.2 percent month on month, with the decline narrowing by 0.1 percentage points from the previous month.
Of these, prices in Beijing remained unchanged, while those in Shanghai rose 0.3 percent, and those in Guangzhou and Shenzhen dropped 0.3 percent and 0.6 percent, respectively.
Second-tier cities experienced a month-on-month decline of 0.4 percent, with the drop widening by 0.2 percentage points. Meanwhile, third-tier cities registered a 0.3 percent decline, the same as in June.
During the same period, the sales prices of second-hand residential buildings in first-tier cities decreased by 1.0 percent month-on-month, with the decline widening by 0.3 percentage points.
Specifically, the prices for Beijing, Shanghai, Guangzhou, and Shenzhen fell by 1.1 percent, 0.9 percent, 1.0 percent, and 0.9 percent, respectively.
In both second- and third-tier cities, second-hand housing prices dropped 0.5 percent month on month, with the declines narrowing by 0.1 percentage points in each category.
Year on year, sales prices of newly built commercial residential buildings in first-tier cities dropped 1.1 percent in July, with the decline narrowing by 0.3 percentage points compared with June.
Shanghai posted a 6.1 percent rise, while Beijing, Guangzhou, and Shenzhen fell by 3.6 percent, 4.6 percent, and 2.2 percent, respectively.
In second- and third-tier cities, prices fell by 2.8 percent and 4.2 percent year on year, with the declines narrowing by 0.2 and 0.4 percentage points respectively.
Among the 70 large and medium-sized cities surveyed, five cities recorded year-on-year increases in prices for newly built commercial housing, two more than the previous month.
Meanwhile, year-on-year sales prices of second-hand residential buildings in first-tier cities declined by 3.4 percent in July, with the decline widening by 0.4 percentage points.
Beijing, Shanghai, Guangzhou, and Shenzhen experienced drops of 2.9 percent, 2.2 percent, 6.0 percent, and 2.5 percent, respectively. In second- and third-tier cities, prices fell by 5.6 percent and 6.4 percent year on year, with the declines narrowing by 0.2 and 0.3 percentage points, respectively.
China’s housing prices see narrowing year-on-year drop in July
