New data points to a modest dip in pre-owned home prices in China last month, as well as a slide in the homebuyer confidence index to its lowest level in nearly two years in October.
Data from the 58 Anjuke Real Estate Research Institute (58安居客房产研究院) indicates that the average listed pre-owned home price for 67 key cities monitored was 15,163 yuan per square metre in November, for a decline of 0.3% compared to the previous month.
The average price for pre-owned homes in Beijing was 59,610 yuan per square metre, while in Shenzhen it was 53,756 yuan per square and in Shanghai 50,240 yuan per square metre.
“Against a broader background of stable economic policies, in November China’s real estate sector maintain considerable stability,” said 58 Anjuke chief analyst Zhang Bo (张波) to state-owned media.
The “China Real Estate Big Data Report (2018)” (中国房地产大数据报告(2018) released by 58.com and Anjuke in cooperation with the Chinese Academy of Social Sciences and China Times on 3 December further indicates that the homebuyers’ confidence index fell by 4.2% in October compared to September, hitting its lowest level since January 2017.
“The homebuyers’ confidence index hit its highest point in nearly the past two years in February 2018, and has fallen ever since,” said the report. “This indicates that the market expectations of buyers has shifted from optimism to relative pessimism.”