In September and October, only 10,743 homes were sold in Beijing, down 46 percent from a year ago. New home sales in the first ten months totaled 69,079 units, down 17.8 percent year-on-year, while second-hand home sales dropped 35.8 percent to 101,188 units, according to bjfdc.gov.cn.
According to the Centaline Property Agency, a supply of 9,152 new homes in October has added Beijing's total house supply to 118,000 units, a new high since June 2009.
It would take 22 months to consume the inventory even if there were no new supply, said the agency.
Saturday, November 5, 2011
22 Months of Inventory in Beijing
Home price-cuts get steeper, more extensive in China