Shenzhen Home Sales Lose Steam in August

Price follows volume, and volume has fallen for two straight months in Shenzhen even though prices are still rising.

Sohu: 深圳新房成交量连续两月下跌 均价每平米破3.6万元

Data Shenzhen Planning and Land Commission recently released show that Shenzhen August sales of new homes 5643 units, a decline of 12% month-on-month, volume of new homes sales fell more than 10% for the second consecutive month. Existing homes saw total turnover of 11,206 units, a decline of 30.3% month-on-month, it is the first time since March, when the minimum down payment ratio was adjusted, that sales have fallen.

...But in August new home average transaction prices was 36,159 yuan per square meter, still rose 3.8 percent month-on-month, housing prices in Shenzhen in June broke the 30,000 level, but compared to July's 13.4% rise, the increase in August was much smaller.