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Home prices increase 0.5% in November
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THE mean cost of a new home in China last month rose 0.5 percent year on year to 10,899 yuan (US$1,700) per square meter, the China Index Academy said in its latest report.
The rate was faster than the 0.3 percent gain in October, said the organization, which monitors 100 cities nationwide.
Despite the overall increase, prices rose in just 41 cities in the month — seven fewer than in October — while they were flat in three and fell in 56.
Shenzhen, south China’s Guangdong Province, saw the steepest rise, at 2.5 percent, followed by Shanghai at 1.4 percent and Wuhan, capital of central China’s Hubei Province, at 1.3 percent.
On a month-on-month basis, mean prices in the 10 largest cities rose 1 percent from October to 20,391 yuan per square meter, the report said.
“Home prices continued their recovery in November with transactions in first, second and third-tier cities all picking up due to a batch of favorable policies,” the academy said.
“Looking forward, however, while some first and second-tier cities will continue to face upward price pressures mainly due to robust demand and a feverish land auction market, most second and third-tier cities will see prices stabilize as inventories fall,” it said.
According to a report by Uwin Real Estate Information Services Co, sales by floor area of new homes in Shanghai — excluding government-subsidized housing — fell 1 percent month on month in November to 1.5 million square meters, though the total was still the city’s second-best this year.
The mean selling price per square meter rose 25.4 percent year on year and 4.4 percent from October to 34,730 yuan, according to the report.
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