100 City Housing Inventory Back to 2013 Lows

Caijing: 百城住宅库存规模降至近5年最低 相当2013年3月水平
As of now, the nation’s destocking “battle” effect is obvious. According to the data from the E-House Research Institute on April 3, as of the end of March 2018, the total inventory of newly-built commercial houses in 100 monitored cities across the country was 4.3712 million square meters, a decrease of 1.0% from the previous period and a decrease of 8.7% from the same period last year. Observing historical data, the current national inventory of 100 cities is equivalent to the level of March 2013, which means that the inventory scale has fallen back to five years ago.

As of the end of March, the total inventory of newly built commercial residential buildings in 100 cities in the first, second, third and fourth tiers was 20.88 million, 229.7 million, and 186.447 million square meters, respectively, an increase of -2.2%, -1.1%, and -0.8% from the previous quarter. The increase was -7.7%, -8.5% and -9.0% respectively. Currently, all three types of cities have shown a downward trend compared with the same period of last year and the same period of the previous year. In the future, some cities whose house prices have risen too fast and which have less inventory will still have more space for restocking.

From a specific city point of view, in March 2018, out of 100 cities, there was a year-on-year growth in inventory in 25 cities. In Hefei, Zhuhai, and Huizhou, the increase in inventories was relatively large, with year-on-year increases of 139%, 82%, and 49%, respectively. At the same time, inventory in 75 cities out of 100 cities showed year-on-year declines, with Langfang, Hangzhou, and Baoding witnessing larger year-on-year declines, with declines of 49%, 48%, and 45%, respectively. In 75% of cities, there was a year-on-year decline in stocks, which led to the decline in the size of Baicheng.

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