CRIC: CCL latest report at 143.38 points, down 0.79% weekly, it is expected that the index will fall below the previous low of 143.02 points by the end of the month
The latest report from CRIC shows that the Central Plains City Leading Index (CCL) fell to 143.38 points this week, hitting a 14-week low, and is expected to fall below the previous low of 143.02 points by the end of the month. Influenced by uncertainties in interest rate cuts, high interest rates, and banks tightening mortgage lending, the overall real estate market continues to adjust. This week, CCL hit a more than 7.5-year low, down 25.07% from its historical high. The pace of price declines is slower than expected, with short-term targets maintained at around 140 points
According to the information from the Wisdom Finance APP, Yang Mingyi, Senior Co-Director of the Research Department of Midland Realty, stated that the Midland Urban Leading Index CCL reported a latest figure of 143.38 points, down 0.79% weekly, hitting a 14-week low, following the market conditions of the first price list released by THEHADDON in Hung Hom on May 30. After 13 weeks of fluctuations, the CCL index rose and fell, with only a 0.25% difference from completely erasing all gains after the fluctuations. It is estimated that by the end of June, the index will fall below the pre-fluctuation low of 143.02 points.
In addition, the Midland Urban Large Housing Estate Leading Index CCLMass reported 143.94 points, down 0.61% weekly. The CCL (small and medium-sized units) reported 142.61 points, down 0.81% weekly. The CCL (large units) reported 147.28 points, down 0.65% weekly, reaching a level similar to that of February 2017.
In the four districts, prices rose in two and fell in two. The Kowloon CCLMass reported 140.88 points, down 1.30% weekly. The New Territories West CCLMass reported 133.25 points, down 1.03% weekly. Hong Kong Island CCLMass reported 142.53 points, up 0.06% weekly. The New Territories East CCLMass reported 154.92 points, up 0.34% weekly, with the index hovering near a more than 7-year low, returning to a level similar to that of February 2017.
The CCL has fallen by 2.6% in the first half of this year. Affected by uncertain interest rate cuts, high interest rates, banks tightening mortgages, discounts on new properties to attract buyers, and other factors, the market sentiment remains cautious, leading to a tug-of-war situation in the secondary property market, with sparse transactions and overall property prices continuing to decline.
This week, the CCL hit a more than 7.5-year (400 weeks) low, returning to the level of October 2016, with the index dropping 25.07% from the historical high of 191.34 points in August 2021, and 14.86% from the high of 168.40 points in April 2023. The pace of price declines is slower than expected, but the short-term CCL target remains at 140 points, currently differing by 3.38 points or 2.36%