National Bureau of Statistics: In October, the month-on-month decline in the sales prices of residential buildings in 70 large and medium-sized cities overall narrowed.

On November 15, Wang Zhonghua, the chief statistician of the Urban Division of the National Bureau of Statistics, interpreted the statistical data on the changes in the sales prices of commodity residential buildings in October 2024. In October 2024, among the 70 large and medium-sized cities, the month-on-month decline in sales prices of commodity residential buildings in various-tier cities narrowed or turned upward, and the year-on-year decline stabilized, indicating an improvement in the real estate market outlook. In October, the sales prices of newly built commodity residential buildings in first-tier cities decreased by 0.2% month-on-month, a decrease of 0.3 percentage points from the previous month. Specifically, Shanghai and Shenzhen increased by 0.3% and 0.1%, while Beijing and Guangzhou both decreased by 0.7%. In addition, a survey conducted by the National Bureau of Statistics on the 70 large and medium-sized cities in October showed that the proportion of industry practitioners expecting the prices of newly built and second-hand residential buildings to remain stable or increase in the next six months continued to increase, reaching 75.9% and 60.4% respectively, an increase of 17.6 and 15.0 percentage points from the previous month. Note: The division of first, second, and third-tier cities among the 70 large and medium-sized cities is as follows: first-tier cities include Beijing, Shanghai, Guangzhou, Shenzhen, and other 4 cities; second-tier cities include 31 cities such as Tianjin, Shijiazhuang, Taiyuan, Hohhot, Shenyang, Dalian, Changchun, Harbin, Nanjing, Hangzhou, Ningbo, Hefei, Fuzhou, Xiamen, Nanchang, Jinan, Qingdao, Zhengzhou, Wuhan, Changsha, Nanning, Haikou, Chongqing, Chengdu, Guiyang, Kunming, Xi'an, Lanzhou, Xining, Yinchuan, and Urumqi; third-tier cities include 35 cities such as Tangshan, Qinhuangdao, Baotou, Dandong, Jinzhou, Jilin, Mudanjiang, Wuxi, Xuzhou, Yangzhou, Wenzhou, Jinhua, Bengbu, Anqing, Quanzhou, Jiujiang, Ganzhou, Yantai, Jining, Luoyang, Pingdingshan, Yichang, Xiangyang, Yueyang, Changde, Shaoguan, Zhanjiang, Huizhou, Guilin, Beihai, Sanya, Luzhou, Nanchong, Zunyi, and Dali.