According to the Beijing Fall Housing Fair that just closed, prices for new homes average about 10,000 yuan per square meter in China's capital city. But prices for second-hand homes are quickly catching up. Second-hand housing is more popular than before.

Most of the second-hand homes bought at the fair fell in the 700,000 to 1,000,000 yuan range. And the average price of these homes came in at over 9,000 yuan per square meter. Homes along subway lines and near Olympic stadiums are the most popular.

A potential home buyer says "I prefer homes close to the subway, which is convenient. I don't want to drive, because of the bad traffic in Beijing."

Jin Yusong, a manager of real estate agency says "76,000 second-hand homes were bought last year. That number's expected to hit 90,000 this year, a growth rate of nearly one-fifth."

Potential home buyers say new homes in Beijing are expensive and in short supply. Although prices for second-hand homes are growing, they're still acceptable, compared to those for new homes. Prices for new homes in Beijing are ten to twenty percent higher than those for second-hand homes. This led to a surge in sales of second-hand homes in the first half of the year of more than fifty percent, year-on-year.