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Home prices continue rising trend
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HOME prices in China continued their rising trend in May, the China Index Academy said in a report released yesterday.
The average cost of a home climbed 1.7 percent to 11,662 yuan (US$1,767) per square meter from a month earlier, said the academy, which monitors market activity in 100 cities across the country. It rose 1.45 percent in April and 1.9 percent in March.
Prices increased in 74 cities nationwide, fell in 24 cities and were flat in two. Of the gainers, 29 cities saw a month-on-month rise of above 1 percent, up from 28 cities in April.
Xiamen in Fujian Province posted the largest gain of 5.85 percent, followed by Hefei and Wuxi. Shanghai, where home prices rose 1.9 percent from a month earlier, ranked 21st, or the second-fastest among the four first-tier ones, the academy said.
The average cost of a new home in the country’s 10 largest cities added 1.93 percent to 22,113 yuan per square meter, slowing from a 1.53-percent rise in April.
“In general, home prices across the country kept rising steadily last month with the pace in first-tier cities little changed, faster growth in second-tier ones and a slightly slower rate in third-tier ones,” the academy said. “Looking forward, some second-tier cities still face high risks of overheating as an imbalanced supply-demand situation, coupled with red-hot land markets, will see home prices increase further.”
On an annual basis, the average price of a new home jumped 10.34 percent in May, accelerating from a 8.98 percent growth in April.
Home prices rose in 54 cities across the country from a year ago, with Shenzhen leading gainers with an annual surge of 58.8 percent, the academy said.
In Shanghai, prices of new homes, excluding government-funded affordable housing, rose 12.5 percent month over month to 36,700 yuan per square meter in May, a record in the city, said a separate report released yesterday by Shanghai Homelink Real Estate Agency Co.
The area of new houses sold rose 1.6 percent from April to 988,000 square meters, while supply fell 3.2 percent from April to 1.27 million square meters, Homelink data showed.
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