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Image Source : China Visual
BEIJING, August 16 (TMTPOST) -- The prices of newly built homes and existing homes in July fell in 40 cities and 51 cities, respectively, according to the 70 large and medium-sized cities" housing price data released by the National Bureau of Statistics.
The first-tier city real estate market performed relatively well in July. Commercial house sales prices rose slightly, but the growth rate fell year on year. The real estate market in second and third-tier cities continued to cool down. The housing prices in July declined month on month and the year-on-year price decrease worsened.
Since 2020, first, second- and third-tier cities have experienced a slowdown in year-on-year price increases. The growth rate jumped first but dropped afterwards. Among them, newly built housing prices in third-tier cities were the first to show a downward trend year-on-year.
The trend in second-tier cities was the same as in third-tier cities, but the prices began decreasing in June. In contrast, although the year-on-year increase in first-tier cities is slowing down, the real estate market is relatively resilient in first-tier cities.
According to the latest financial data from the People"s Bank of China, household loans in July were 121.7 billion yuan ($18 billion), or 284.2 billion yuan ($42.03 billion) less than last year. The increase in short-term loans, medium and long-term loans in July was -26.9 billion yuan ($-3.98 billion) and 148.6 billion yuan ($21.98 billion), respectively, with a reduction of 35.4 billion yuan ($5.24 billion), and an increase of 248.8 billion yuan ($36.8 billion), from the same period of 2021. The rise of household short-term, medium and long-term loans in July fell by 726.5 billion yuan ($107.45 billion), 455.1 billion yuan ($67.3 billion), and 268.1 billion yuan ($39.65 billion), respectively, from June.
In the first half of 2021, the real estate market boomed. Despite the decline in the increase of residents" long-term loans year on year, there is a release month on month, showing that part of the home buyers re-enters the market.
