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Home prices climb for 14th straight month
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Home prices in China climbed for another month in July, extending strength for the 14th straight month.
The average price of new houses in 100 cities rose 0.87 percent from June to 10,347 yuan (US$1,688) per square meter, the China Index Academy said yesterday. That compared to a growth of 0.77 percent in June.
The number of cities that registered monthly price rises fell further to 61 last month, compared to 71 in June and 77 in May. Of those, 23 saw growths of more than 1 percent, an increase of 7 from June.
Quanzhou in southeastern Fujian Province led last month’s gainers with a 4.45 percent rise. There were price drops in 39 cities, with Dongguan in southern Guangdong Province suffering the biggest decline of 1.71 percent.
In the 10 largest cities, the average price of a new home climbed 1.34 percent to 17,609 yuan per square meter, accelerating from June’s growth of 1.01 percent. Among them, Beijing saw the biggest rise of 2.5 percent, immediately trailed by 2.13 percent in Guangzhou. In Shenzhen and Shanghai, new home prices rose by 1.24 percent and 0.85 percent, respectively, the academy said.
“Growing uncertainties of economic growth somewhat alleviated expectations for further tightening measures from the central government. This, plus the continuously stable demand from home buyers, jointly contributed to a faster pace in July,” the academy said.
In Shanghai, new home sales fell to a five-month low in July with the average price reaching a historic high, according to a separate industry report released yesterday.
Purchases of new residential properties, excluding government-subsidized affordable housing, dropped 31 percent to 777,000 square meters last month, the lowest volume registered since March, data released by Shanghai Deovolente Realty Co showed.
The average cost of new homes, however, climbed 3 percent from June to 24,687 yuan a square meter last month, an all-time high in the city.
New homes costing more than 30,000 yuan per square meter accounted for almost one-fourth of the city’s total transaction last month, data showed.
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