Overview

• Official data show new home prices down 0.3% from July, matching the prior month’s drop and extending declines that began in May 2023.
• Year-on-year, new home prices fell 2.5% in August, a smaller decline than July’s 2.8% decrease.
• Used home prices dropped 0.58% month-on-month in August, signaling continued softness in the resale market.
• In first-tier cities, new home prices were 0.9% lower than a year earlier, with Shanghai edging up as Beijing, Guangzhou and Shenzhen declined.
• Second-hand prices fell 3.5% year-on-year in first-tier cities and dropped more sharply in second- and third-tier cities at 5.2% and 6.0%.