China News Service, Beijing, January 4 (Reporter Pang Wuji) In the last three months of 2021, the transaction volume of the second-hand housing market in China's key cities has stabilized and rebounded, ending the continuous downward trend that lasted for six months.
According to a report released by the Shell Research Institute on the 4th, from October to December 2021, the monthly transaction volume of shell second-hand houses in the top 50 cities increased by 8%, 2% and 24%, respectively, and the second-hand housing market has stabilized and rebounded.
Some key cities are gradually coming out of the trough, such as Shenzhen, Guangzhou, Dongguan, Foshan, Shanghai, Hefei, Suzhou, etc., whose transaction volume continues to improve.
Since March this year, the second-hand housing market has continued to cool down for six months, and the transaction volume has declined month by month. In September, the second-hand housing market in 50 cities fell to a historical low.
Beginning in August, the second-hand housing price index in 50 cities has also entered a month-on-month decline range.
With the positive changes in transaction volume, the report pointed out that in December, the second-hand housing price index in 50 cities narrowed down for the first time since the current round of decline, with a month-on-month drop of 0.8%, which was significantly closed from the level of -1.7% in November. The number of cities whose prices have fallen has also decreased from 48 in November to 37.
The report believes that the recovery of the second-hand housing market in the fourth quarter is mainly due to the improvement in the housing purchase credit environment, which boosted purchasing power and market confidence.
According to data from the Shell Research Institute, since the fourth quarter, the average mainstream first and second home mortgage interest rates in 103 major cities have continued to decline. In December, the average mortgage lending cycle has continued to narrow as compared with September. Narrowed by 16 days.
With the restoration of the credit environment, market expectations have also bottomed out. In December, the second-hand housing market in 50 cities improved from 15.6 in November to 17.4.
In the Pearl River Delta and Yangtze River Delta cities, the rate of decline in mortgage rates is generally higher, the credit easing is relatively greater, and the market restoration is also stronger.
It is worth noting that the report believes that the current market rebound is mild, fragile, and differentiated, mainly due to the marginal improvement brought about by policy corrections. The low temperature situation has not improved significantly, and it still takes time for the market to recover.
In the fourth quarter, the second-hand housing transaction volume in Shell 50 cities continued to decline from the third quarter, with a decrease of about 7%, and the absolute level was basically at the lowest quarterly transaction level since 2019.
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