About 15,000 completed first-hand homes were available for purchase in the third quarter, according to Centaline Property Agency. That’s the highest since early 2007, the data show.

The rising home inventory underscores the downturn, which is plaguing Hong Kong’s property sector that plays an outsized role in the economy. Higher borrowing costs and an economy battered by population outflow, Covid curbs and political turmoil have suppressed demand in one of the world’s most expensive housing markets.

Property developers including Henderson Land Development have priced their new projects lower than market levels in order to entice increasingly cautious buyers.

Meanwhile, secondary sales are also struggling. Transaction volume decreased by 37 percent in September to 2,639 from a year before, data from Midland Realty show. Prices are down almost 9 percent since the beginning of the year, according to Centaline.

Goldman Sachs Group expects home prices in the city to plummet 30 percent through 2023 from last year’s levels.