‘Golden September’ Loses Its Shine as Home Sales Get Off to a Slow Start

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During the Mid-Autumn holiday from Sept. 15 to 17, the average daily sales of new homes in 25 major cities, measured by area, dropped 29% compared with the same period in 2023

September, traditionally a time of peak sales for China’s housing market, got off to a slow start this year as potential buyers continued to avoid showrooms due to the market downturn.

During the Mid-Autumn holiday from Sept. 15 to 17, the average daily sales of new homes in 25 major cities, measured by area, dropped 29% compared with the same period in 2023 and were 55% lower than in 2019, according to the China Index Academy, a real estate research institution.

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September saw a slow start in China's housing market, with new home sales dropping 29% year-on-year during the Mid-Autumn holiday.
Despite promotions, average daily transaction areas for new homes were lower, but pre-owned home sales showed signs of recovery.
House prices continued to decline; new home prices fell 0.7% in August, while second-hand home prices dropped 0.9%, with significant year-on-year declines in first-tier cities.

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Who’s Who

China Index Academy: The China Index Academy is a real estate research institution that tracks and analyzes housing market trends in China. It provides data on various aspects of the property market, including sales, prices, and market conditions. The Academy's reports highlighted the significant drops in new and pre-owned home transactions and prices in China's major cities, as well as the impact of economic concerns and external factors like Typhoon Bailu on the housing market.

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What Happened When

January to August 2024：: The sales area of newly built properties in China dropped 18% year-on-year to 606 million square meters. Residential sales fell 20.4%, and sales revenue fell 23.6% to 5.97 trillion yuan ($841 billion).

August 2024：: New home prices in 70 major Chinese cities dropped 0.7% from July 2024, falling for the 14th consecutive month.

August 2024：: Prices of pre-owned homes fell by 0.9% from the previous month.

August 2024：: The sales area of newly built properties declined 12.6% year-on-year to 64.53 million square meters.

September 2024：: Traditionally a time of peak sales for China’s housing market, got off to a slow start due to the market downturn.

September 2024：: Second-hand home transactions showed signs of recovery, with increased activities especially for older, smaller properties.

By September 2024：: Developers across China ramped up promotions, but market reactions remained lukewarm.

September 15 to 17, 2024：: During the Mid-Autumn holiday, the average daily sales of new homes in 25 major Chinese cities dropped 29% compared with the same period in 2023 and were 55% lower than in 2019.

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