In the first week of April, second-hand home transactions in multiple regions increased by over 30% year-on-year.

The latest data from the China Index Academy shows that in the first week of April (3.30-4.5), transaction volumes for both new homes and existing homes in core cities increased year on year. Among them, in Beijing, Shanghai, Wuxi, Qingdao, and Wenzhou, existing home transaction volumes rose by more than 30% year on year. In Ningbo and Xiamen, existing home transaction volumes increased by more than 50% year on year. It is expected that in April, supported by the launch of “good home” projects entering the market and the overlap with the traditional peak season, transaction volumes for both new homes and existing homes in core cities are likely to receive support.

Data shows that since March, some core cities have displayed a “little spring” market trend. With demand from end users providing support, Shanghai and Beijing saw transaction volume growth despite a relatively high base. In Shanghai, the effect of the “Seven Policies of Shanghai” has become apparent: in March, 31k existing commodity housing units were sold, the highest in nearly five years (first time exceeding 30k units since April 2021). Even with a higher base, the year-on-year increase was 6%. In April, market activity continued to be strong, with the first week (3.30-4.5) recording a year-on-year increase of 32%. In Beijing, existing residential home sales in March were nearly 20,000 units, up 3% year on year, reaching a monthly high in 15 months. In the first week of April (3.30-4.5), transactions increased 36% year on year. Among second-tier cities, in the first week of April (3.30-4.5), Ningbo and Xiamen saw existing home transaction volumes rise by more than 50% year on year, while Wuxi, Qingdao, and Wenzhou increased by more than 30%.

For new homes, in March, the year-on-year decline in contracted floor area for new home sales across the key 100 cities narrowed to 11%. Guangzhou rose 25% year on year. Beijing and Shanghai declined 27% and 5% year on year, respectively, with the magnitude of the decline narrowing noticeably compared with the previous month. In the first week of April (3.30-4.5), the Beijing, Shanghai, and Shenzhen new home markets continued their repair trend, with weekly transactions increasing month on month. Among second-tier cities, due to reduced supply volume, many places continued to see new home sales fall year on year. In March, only cities such as Wuhan, Xi’an, Qingdao, and Jinan recorded year-on-year growth in contracted floor area. In the first week of April (3.30-4.5), cities such as Ningbo and Wuhan saw year-on-year growth of more than double on a low base, but market differentiation remains the main feature; cities such as Wuxi, Hefei, and Wenzhou still saw declines of more than 20% year on year.

The China Index Academy said that during the Qingming Festival holiday period, most cities’ projects continued pre-holiday promotion plans and discount activities. Affected by factors such as people returning home for ancestral worship during the break, many places generally had no new projects launched during the holiday period. In Guangzhou and Suzhou, performance was relatively flat due to reduced supply. In Tianjin’s Hebei District, transaction heat surged significantly due to rumors that transfer-to-school policies had been tightened. At the same time, differentiation within the market structure has intensified: in demand-driven segments such as Shenzhen Guangming and Bao’an, discounted promotions remained common; in Zhengzhou, some projects under old rules maintained high commission rates to accelerate clearing; in suburban areas and with homes that are older in age, bargaining space has continued to expand. Meanwhile, in Shanghai, core-area projects such as Qiantan saw more than 200 group viewings per day during the holiday; in Beijing’s core areas, the existing home market remained active; and in Xi’an and Suzhou, prices for high-quality homes in prime locations remained firm.

Looking at the trend, the China Index Academy believes that in April, supported by the launch of “good home” projects and the traditional peak season, transaction volumes for both new homes and existing homes in core cities are expected to receive support. The 2024 Government Work Report set the tone as “focus on stabilizing the real estate market.” It is expected that in April, the pace of place-by-place policies will be accelerated.