China Property Signals (#48): The Hong Kong Residential Market (September 2026 Data)

About this Newsletter: Get a quick but more granular view of (still) one of the most important sectors in China, with the weekly chart and commentary from Real Estate Foresight (REF) - drawing on 14+ years of REF's research on China housing markets.

The complete September 2026 data shows that the strong rebound since March 2025 has moderated further.

New home sales (12M) growth slowed sharply by 11.0 percentage points to 7.2% y/y, while secondary transactions moderated by 5.2 percentage points to 22.2% y/y.

The all-developments secondary home price index rose 9.3% y/y, with growth slowing by 1.5 percentage points from a revised 10.9% in Aug 2026, while the select developments measure was stronger at +10.4% y/y.

In terms of inventory, completed unsold stock held steady at 19,000 units, unchanged from June 2026, based on quarterly data. Months-to-Clear for completed unsold inventory rose to 9.8 months from 8.8, on a weaker 12-month pace of new home sales.

See our Hong Kong Residential Dashboard for more coverage of Hong Kong. Currently in open-access pilot.