Da Ji Yuan reported that Fall is the peak season for real estate transactions in China. However, new house prices in China continued to fall for the third consecutive month in September.
Specifically, the average price of new houses in September in China’s 100 cities was 16,200 yuan (nearly $2300) per square meter, down 0.02% from August. In the third quarter, new house prices in 100 cities fell 0.03%.
The market research director of the China Index Research Institute, Chen Wenjing, said that in the first three quarters of 2022, new house prices in 100 cities increased by 0.12%, the lowest increase since the same period in 2015.
Old house prices are even worse. As of September, prices of second-hand houses in Baicheng, Jilin province, have fallen for the fifth consecutive month.
Second-hand house prices in hundreds of cities in China have been steadily falling month by month since May, and the downward momentum has gradually widened.
Chen revealed that from January to September 2022, the size of new commercial housing transactions in China’s 100 key cities was the lowest compared to the same period in recent years, down nearly 40% compared to the same period last year.
The transaction area in key cities in September increased slightly month-on-month but decreased by about 23% year-on-year.