China Property: Home sales YoY growth accelerated on easier comps

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China Property: Home sales YoY growth accelerated on easier comps

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China Property

Home sales YoY growth accelerated on

easier comps

Industry Overview

Home sales YoY growth widened on easier comps 08 June 2026

Across the 15 key cities we track, existing home transaction volumes were up 37% YoY Equity

during the first 6 days of June. During the same period, primary home sales volumes China

across 30 key cities also saw 19% YoY growth, with tier 1 cities up by 50% YoY. We note Real Estate/Property

that the widened YoY growth was aided by much easier comps in June, while the

secondary home sales run-rate softened a bit compared with middle of May. KarlResearchChoi,AnalystCFA >>

Merrill Lynch (Hong Kong)

June MTD’s primary/secondary home sales run-rate is 17%/19% higher than 5M26’s run- +852 3508 3108

karl.choi@bofa.com

rate and is flat/9% higher than May’s (adjusted for the holiday effects in May)

Eric Du >>

Remain positive on top cities’ fundamentals ResearchMerrill LynchAnalyst(Hong Kong)

Although home sales volumes softened sequentially last week, we remain positive on the +852 3508 3329

eric.du@bofa.com

key cities’ fundamentals, supported by declining secondary home listings (Beijing and

Shanghai’s secondary home listings are now 18% and 30% below their peaks), stabilized YoyoResearchPangAnalyst>>

residential rents (Shenzhen, Beijing, and Shanghai have seen residential rent growth for Merrill Lynch (Hong Kong)

+852 3508 7607

three consecutive months), and an improving transaction mix (more transactions in yoyo.pang@bofa.com

larger flats recently, indicating that the replacement chain is gradually taking place).

Exhibit 1: Weekly home sales tracking in key cities MTD: Month to Date

Secondary home sales volume in key cities up by over 30% YoY MTD