Preowned home prices in China’s top-tier cities fell for the seventh consecutive month in November, reports Caixin. The pace of decline is the fastest in more than a year amid a surge in listings that continues to flood the market.
According to data released Monday by the National Bureau of Statistics, prices in the country’s four top-tier cities—Beijing, Shanghai, Guangzhou and Shenzhen—fell 1.1% from the previous month. That marked a 0.2 percentage point acceleration from October and the sharpest drop since October 2024. Not a single city among the 70 tracked by the agency reported a monthly gain in preowned home prices.
The slide stems from a deep structural shift in the market, where supply has begun to overwhelm demand. Listings of secondhand homes on the platform operated by real estate brokerage Ke Holdings, also known as Beike, have surged to 6.5 million—up 60% from four years ago.