Beijing, 6 Jun (ZXS) -- In May, China's property market continued to cool down. According to data released by the China Index Research Institute on the 1st, in May, the price of new houses in Baicheng stopped rising and fell month-on-month, and the decline in second-hand house prices expanded.

According to data from the China Index, in May 2023, the average price of newly built homes in 5 cities in China was 100,16180 yuan per square meter (RMB, the same below), which stopped rising and turning down, down 0.01%. The average price of second-hand residential properties was 15786,0 yuan per square meter, down 25.4% from the previous month, an increase of 0.11 percentage points from April.

Guo Xinyu, an analyst at the China Index Research Institute, pointed out at the monthly real estate situation analysis meeting held on the same day that after the release of the backlog of demand in the early stage, the activity of the real estate market continued to decline in May. In May, the enthusiasm of housing enterprises to push the market has decreased, the transaction scale of new houses in key cities has continued to decline month-on-month, and the pace of market recovery has slowed down. According to the agency's preliminary statistics, in May 5, the transaction area of new commercial residential buildings in key 5 cities decreased slightly month-on-month, maintaining year-on-year growth, and buyers' wait-and-see mood increased.

In terms of second-hand housing, the scale of new listings in some cities continued to rise in the same month, and the pressure of house price adjustment further increased. From the perspective of relatively high-frequency weekly transaction data, in May, the average weekly transaction volume of second-hand housing in key cities fell by more than 5% month-on-month.

According to data provided by Zhuge Data Research Center, in May, 5,10 sets of second-hand residential buildings were transacted in China's key 73187 cities, down 13.83% from the previous month, and 7.29 percentage points narrower than the previous month's decline.

In the first quarter of this year, affected by the accelerated release of the backlog of housing purchase demand in the early stage, the transaction volume of real estate in major cities in China rebounded significantly. Zhuge Data Research Center pointed out that especially in March "Xiaoyangchun", the transaction scale of second-hand houses in key cities reached a new high in nearly three years. However, since then, the momentum of the market recovery has weakened, and the transaction heat began to decline in April, and in May, market activity continued to decline, coupled with the interference of the "May Day" holiday, the transaction of second-hand housing continued to decline.

Looking forward to the future market, Guo Xinyu believes that factors such as the recent debt repayment pressure of individual housing enterprises have disrupted market expectations. At present, there is much room for optimization of core city policies. June is a key node for the mid-year sprint performance of housing enterprises, if the support policy can be further implemented and convey confidence to the market, real estate sales are expected to usher in an improvement in June under the vigorous promotion and promotion of housing enterprises. (End)