The national housing prices have returned to two years ago, and 29 cities such as Harbin and Taiyuan are lower than two years ago

Recently, the National Bureau of Statistics released new home sales data. National new home sales remained weak in November, down 32% year-on-year. In June 2020, the sales of new housing nationwide reached 1.84 trillion yuan. In November this year, the sales of new housing nationwide were only 874.1 billion yuan, equivalent to 48% of that in June 2020. In the first 11 months of this year, the sales of new housing nationwide were only 10.42 trillion yuan, equivalent to 67% and 64% of the full year of 2020 and 2021. After 2 years and 5 months of fluctuations, the price of new houses across the country has only changed by 53 yuan per square meter. Personal housing mortgage loans decreased by more than 1/4 year-on-year. The prices of new houses in 29 cities were lower than in 2020, and the prices of second-hand houses in 40 cities were lower than in 2020. | Related reading (China Economic Weekly)

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Compared with 2020 and 2021, the sales of new housing and the amount of mortgage loans have dropped significantly. The decline may be the largest in history. The reasons behind this are well known, the impact of the epidemic and the restrictions on real estate financing.

However, real estate, as a pillar industry, has already started a new round of rescue and support. The financing of listed real estate companies has been fully liberalized, and banks have begun to sign large credit agreements with real estate companies. There is a new round of recovery.

However, under the premise of “living in housing and not speculating”, it is difficult for real estate prices to rebound again. In provincial capitals like Harbin and Taiyuan, which do not have a sense of existence, it is also a high probability that prices will continue to fall.

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