Pre-owned Housing Prices in First-tier Chinese Cities Post Fourth Consecutive Month of Decline

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The latest official data points to ongoing declines in pre-owned housing prices in China’s biggest cities in January.

Data on housing prices for 70 major Chinese cities in January released by the National Bureau of Statistics (NBS) on 22 February indicates that housing prices maintained overall steadiness last month.

China’s four major first-tier cities saw an on-month rise of 0.4% in prices for new commercial housing, for a deceleration of 0.9 percentage points compared to the previous month.

Prices for pre-owned houses in these cities saw an on-month decline of 0.1%, for the fourth consecutive month of decline.

China’s first tier cities saw a YoY rise of 3.3% in new commercial housing prices, for an acceleration of 0.5 percentage points compared to the previous month, while pre-owned commercial housing saw a YoY rise of 0.4%, for a deceleration of 0.2 percentage points.

Pre-owned housing in Shanghai and Beijing posted YoY declines of 2.8% and 1.4% respectively in January.

Commercial housing in China’s 31 second-tier cities posted an on-month rise of 0.7% in January for an increase commensurate with the preceding month, while 35 third-tier cities saw an on-month rise of 0.6%, for a deceleration of 0.1 percentage points.

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