According to Zhituo Finance APP, on November 20, the china Index Academy released the transaction ranking of second-hand residences in key national cities for October 2024. According to data monitoring by the china Index Academy, in October 2024, the average price of second-hand residences in 100 cities is 14,360 yuan per square meter, a decrease of 0.60% month-on-month, narrowing the decline by 0.10 percentage points compared to September; down 7.27% year-on-year.

Figure: Average prices of second-hand residences in 100 cities from January 2021 to October 2024 and month-on-month changes.

Data source: China Index Data CREIS

In October, transaction volume of second-hand homes in core cities increased, with owners' bargaining power shrinking, and the month-on-month decline in prices of second-hand residences in 100 cities narrowed. The average rental price for residences in 50 cities nationwide is 35.9 yuan per square meter per month, decreasing by 0.63% month-on-month and down 3.03% year-on-year. In October, the housing rental industry gradually entered the traditional off-peak season, with market demand declining, and average rents decreased slightly in key cities.

Figure: Month-on-month price fluctuations of newly built and second-hand residences in various tier cities from September to October 2024.

Data source: China Index Data CREIS

In core first and second-tier cities, the month-on-month decline in second-hand housing prices has significantly narrowed, with first-tier cities seeing a 0.17% month-on-month decline in October, a substantial narrowing of 0.64 percentage points compared to September. In Shenzhen, housing prices fell by 0.05% month-on-month, showing the most significant narrowing. After the new policy 929 in Shenzhen, the volume of second-hand residences quickly rebounded, hitting a monthly high since April 2021. With the significant rebound in transaction volume, signs of stabilization in second-hand residence prices in Shenzhen have begun to appear. In Beijing, second-hand residence transactions in October surpassed 0.016 million units, setting a new high since last April, with the month-on-month decline in second-hand residence prices also narrowing significantly to 0.29%. The second-hand residence prices in second-tier cities fell by 0.70% month-on-month, with differentiated price trends among cities in the tier; prices in cities like Chengdu, chongqing, and Xi'an narrowed, while Qingdao, Suzhou, and Nanjing still experienced larger month-on-month declines. The second-hand residence prices in representative third and fourth-tier cities fell by 0.69% month-on-month.

Chart: Average listing price of second-hand residences in the top ten cities in October 2024 and year-on-year changes.

According to the china real estate index system's price index for 100 cities, in October, the average price of second-hand residences in the top ten cities dropped by 0.33% month-on-month, with the decline narrowing by 0.47 percentage points compared to last month; a year-on-year decline of 7.51%. Specifically, among the second-hand housing prices, all cities aside from hangzhou remained relatively stable compared to last month, with the others in the top ten cities seeing a decrease. Shanghai and shenzhen experienced noticeable narrowing, each by over 0.7 percentage points, while beijing, wuhan, and chongqing had narrowing between 0.5 to 0.7 percentage points, and guangzhou and tianjin narrowed by 0.2 to 0.3 percentage points.

The year-on-year rankings for transaction volumes of second-hand residences in key cities across the country in October 2024.