Middle Finger Research Institute: The average price of second-hand homes in 100 cities in October fell by 7.27% year-on-year.

On November 20, China Index Research Institute released the ranking of second-hand residential transactions in key cities nationwide in October 2024. According to data monitored by China Index Research Institute, in October 2024, the average price of second-hand residential properties in one hundred cities was 14,360 yuan per square meter, a month-on-month decrease of 0.60%, a decrease of 0.10 percentage points from September; a year-on-year decrease of 7.27%. In October, there was a large volume of transactions in the secondary housing market in core cities, the bargaining space for homeowners narrowed, and the month-on-month decline in the prices of second-hand residential properties in one hundred cities narrowed. The average rent for housing in 50 cities nationwide was 35.9 yuan per square meter per month, a month-on-month decrease of 0.63%, and a year-on-year decrease of 3.03%. In October, the housing leasing industry gradually entered the traditional off-season, market demand declined, and the average rent in key cities slightly decreased. The month-on-month decline in the prices of new and second-hand residential properties in tiered cities in September and October 2024 Source: China Index CREIS Data The month-on-month decline in the prices of second-hand homes in core first- and second-tier cities narrowed significantly. In October, the month-on-month decline in prices of second-hand residential properties in first-tier cities was 0.17%, a significant decrease of 0.64 percentage points from September. Among them, the price of housing in Shenzhen decreased by 0.05% month-on-month, with the most significant decrease in decline. After the new policy of 929 in Shenzhen, the transaction volume of second-hand residential properties quickly rebounded to a monthly high not seen since April 2021. With the significant increase in transaction volume, the downward trend of prices for second-hand residential properties in Shenzhen has begun to stabilize. In October, the transaction volume of second-hand residential properties in Beijing exceeded 16,000 units, reaching a new high since April last year, and the month-on-month decline in prices of second-hand residential properties also significantly narrowed to 0.29%. The month-on-month decline in prices of second-hand residential properties in second-tier cities was 0.70%, and the price trends in various cities within the tiers showed differentiation, with price declines narrowing in cities such as Chengdu, Chongqing, and Xi'an, while Qingdao, Suzhou, and Nanjing still saw relatively large month-on-month declines. Second-hand residential property prices in representative cities of third and fourth-tier cities fell by 0.69% month-on-month. According to the China Real Estate Index System's one hundred city price index, In October, the average price of second-hand residential properties in the top ten cities dropped by 0.33% month-on-month, a decrease of 0.47 percentage points from the previous month; a year-on-year decrease of 7.51%. Specifically, except for Hangzhou, where the month-on-month decline in second-hand housing prices was basically flat compared to the previous month, the rest of the top ten cities saw a narrowing of decline. Shanghai and Shenzhen saw significant narrowing, both above 0.7 percentage points, Beijing, Wuhan, and Chongqing narrowed between 0.5~0.7 percentage points, and Guangzhou and Tianjin narrowed between 0.2~0.3 percentage points. October 2024 national key city second-hand residential transaction year-on-year ranking