China Property: Existing home sales volume sequentially stabilized but primary weakened

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China Property: Existing home sales volume sequentially stabilized but primary weakened

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China Property

Existing home sales volume sequentially

stabilized but primary weakened

Industry Overview

Mixed performance between existing and primary markets 15 June 2026

Across the 15 key cities we track, existing home transaction volumes were up 6% YoY Equity

during the past week (June 7th-13th). Though the YoY growth narrowed compared to 19% China

MTD growth on more normalized comps, we note the run-rate has stabilized WoW post Real Estate/Property

sequential softening trend during the past 3 weeks. June’s existing home transaction

volumes run-rate remained 14% above 5M26’s average and 4.6% above May’s. KarlResearchChoi,AnalystCFA >>

Merrill Lynch (Hong Kong)

During the same period, primary home sales volumes across 30 key cities also saw 13% +852 3508 3108

karl.choi@bofa.com

YoY decline, bringing down MTD positive growth to largely flat due to 11% WoW

softness. We note the comps will become seasonally tougher in late June. Though EricResearchDu >>Analyst

overall primary home sales volume performance was not so promising during the past Merrill Lynch (Hong Kong)

+852 3508 3329

week we note tier 1 cities’ primary home sales volume remained 1%/21% YoY, up during eric.du@bofa.com

the past week/MTD. Though the scope of volume recovery in primary market remained Yoyo Pang >>

much narrower than existing home market, we note some volume recovery momentum Research Analyst

extending to tier 2/3 cities adjacent to top cities ie. Suzhou, Ningbo, Foshan and +852 3508 7607

Huizhou. June’s primary home transaction volumes run-rate remained 9% above 5M26’s yoyo.pang@bofa.com

average but 6% below May’s.

MTD: Month to Date

Exhibit 1: Weekly home sales tracking in key cities