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Chart from OrangeTee
Private home sales struggle, down 5.3% in first quarter
Year-on-year. Sales dropped 3.1%.
The private home market marked its third consecutive quarter of contraction in 1Q24, with sales dropping by 5.3% to 4,060 units.
Year-on-year, sales were down by 3.1% from 4,190 units.
The resale sub-market likely drove the decline, with sales dropping 7.2% to 2,603 from 2,806 units in 4Q23 .
“Resale activities were generally slower in the first quarter due to the Chinese New Year festivities and March school holidays,” OrangeTee said.
On the other hand, new home sales climbed by 7.6% from 1,090 units to 1,173 units over the same period.
OrangeTee cited the increase to developers stepping up on launches.
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