Key facts
- China's new home prices fell 0.1% month-on-month in July, matching the June decline.
- Annually, new home prices decreased by 3.2% in July, a slight narrowing from June's 3.3% drop.
- Prices in first-tier cities (Beijing, Shanghai, Guangzhou, Shenzhen) fell 1.1% year-on-year, with Shanghai showing a 6.1% increase.
- Second-tier cities saw a 2.8% year-on-year price decrease, and third-tier cities a 4.2% decrease.
- Total real estate development investment from January to July reached 5.36 trillion yuan.
China's new home prices continued to decline in July, reflecting persistent challenges in the housing sector due to subdued demand. Month-on-month, prices fell by 0.1%, mirroring the decrease seen in June. On a year-on-year basis, prices dropped by 3.2%, a slight improvement from the 3.3% decrease in the previous month.
In the four major first-tier cities—Beijing, Shanghai, Guangzhou, and Shenzhen—new home prices decreased by 1.1% compared to the previous year, with the pace of decline narrowing by 0.3 percentage points from June. Shanghai, however, saw a significant year-on-year increase of 6.1% in new home prices. Second-tier cities experienced a 2.8% year-on-year price decline, while third-tier cities saw a 4.2% decrease.
From January to July, total real estate development investment amounted to 5.36 trillion yuan (approximately $751 billion). The Chinese government has been implementing various policies to stabilize the real estate market, including stimulating investment, accelerating urban renewal, increasing affordable housing supply, and providing financial support to qualified developers.