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China first-tier home prices rise modestly as rebound extends

Among 70 tracked cities, 20 posted month-on-month gains, the highest level since May last year, while only Shanghai saw year-on-year price increases.

Reported · Written up by our desk · Residential

China’s new home prices in four first-tier cities rose on average by 0.1% last month, extending a four-month rebound tied to ongoing housing stabilisation measures, according to data released by the National Bureau of Statistics, as reported by SCMP Economy.

The report said 20 of 70 large and medium-sized cities recorded month-on-month increases, up from 16 in May and the highest since May last year. Prices in first-tier cities were still down 1.3% year on year, narrowing the decline by 0.4 percentage points from May.

By city, Shanghai was the only first-tier market with a year-on-year increase, up 3.1%. Beijing fell 2.1% year on year, Guangzhou was down 2.6%, and Shenzhen declined 3.6%, though the pace of decline narrowed in Guangzhou and Shenzhen.

SCMP Economy cited E-house China Research and Development Institute vice-president Yan Yuejin, who said the year-on-year decline has narrowed for two consecutive months and suggests the market is building capacity for “self-repair” after years of adjustments.

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