Beijing Existing Home Sales Down 50 pc in June

iFeng: 北京二手房6月成交跌五成 成交均价涨幅放缓
After the breakout in the first quarter, signs of property market finished lower in the second quarter. First half of June, Beijing second-hand housing turnover fell more than 50%, the average transaction price increase also shrank.
An anecdote:
Mr. Zhang witnessed the changes in Beijing existing housing market after the Spring Festival. In early March, he saw a nearby existing home in Panjiayuan, and the owners had a good talk about a total price of 3.9 million yuan, but before signing it the owners' breached the contract." At that time, Beijing existing home market was hot, at the last moment the owners changed the price, saying that "less than 4.2 million yuan," not for sale. Due to the last minute increase by the owners, Mr. Zhang reluctantly give up after consultation with his family. "I did not expect prices now actually started slowly down, two days ago, the agency received a phone call that there is a similar home in the same area, lowest price is 4 million. In fact, in March the owners asked for 4.2 million yuan is not the top, the price still went up a little, so it seems the drop was at least 200,000 yuan." Zhang said.
Centaline Property Research Department statistics show that half of June, Beijing existing residential volume was significantly reduced, only 6134 homes sold, a decline of 56.8%. The average transaction price increases also decelerated, existing house price was 41,400 yuan / square meter, compared to the same period in May of 41,200 yuan / square meter up 0.5%, the increase continued to narrow.

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