Beijing Existing Home Sales Slump in Mid June

Some mixed data on existing home sales shows a general cooling trend. After five weeks of falling sales, Beijing existing homes sales fell off a cliff in the week of June 6 to June 12. Sales fell 61.2% to the lowest level in 2016 (1887 homes). HomeLink points out their data shows a 17.9 percent increase though, adjusting for the Dragon Boat Festival holiday. However, there's evidence elsewhere of cooling, with brokers at 我爱我家 reporting they have lots more leisure time due to a drop off in customer traffic. Another anedcdote is a property in Zaojun Dongli, near the northwest corner inside the third ring, selling for 4 million yuan. Only a month ago, a similar property in the area sold for 4.7 million yuan. The agent says everyone who wants to buy has pretty much bought, so the immediate demand is exhausted. In Fangzhuang, southeast between the second and third ring, there are home prices being cut between 50,000 yuan and 300,000 yuan.

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