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Home prices rise for first time in 10 months
By Cherry Cao |
July 2, 2012, Monday
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Online Edition
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HOME prices in China rose for the first time in 10 months amid steadily recovering sales registered in major cities over the past few months.
Prices edged up 0.05 percent from May to 8,688 yuan (US$1,376) per square meter in 100 major cities across the country, ending a losing streak that started in September 2011, according to a China Index Academy report released today.
Prices dropped in 45 cities, compared with 73 in May, with 12 seeing falls of more than 1 percent, a monthly decrease of five. Gains were posted in the other 55 cities, with 11 recording increases of more than 1 percent, an increase of three from May.
Year on year, however, home prices in 100 cities declined 1.9 percent on average, losing strength for another month. Sixty-seven cities saw a loss in value, compared with 60 cities in May, the academy said.
"New home purchases continued to rebound in major cities since March and a change in monetary policy further helped trigger buying sentiment," the academy said in a statement. "Some real estate developers have stopped offering discounts and in some cases raised prices amid robust sales, leading to the slight price increase in June."
The average cost of homes in the 10 largest cities, including Shanghai, Beijing, Guangzhou and Chongqing, climbed 0.75 percent from a month earlier to 15,429 yuan per square meter, with Beijing registering the biggest increase of 2.3 percent. Tianjin and Hangzhou were the only two cities among the 10 that suffered monthly drops, shedding 0.6 percent and 0.1 percent, respectively.
New home sales dropped 13.5 percent year on year to 255.52 million square meters across the country between January and May, recovering from a 14.9 percent annual drop recorded during the first four months of this year, the National Bureau of Statistics said last month. In Shanghai, new home purchases soared to its highest level in 17 months in June, according to a report released on Sunday.
"The two bank reserve requirement ratio cuts and the drop in interest rates by the central bank in the first half of this year have prompted a consensus among more people that the housing market could have reached its bottom already even though property curbs including the home-purchase restriction remain strictly enforced," said Huang Zhijian, chief analyst with Shanghai Uwin Real Estate Information Services Co.
Prices edged up 0.05 percent from May to 8,688 yuan (US$1,376) per square meter in 100 major cities across the country, ending a losing streak that started in September 2011, according to a China Index Academy report released today.
Prices dropped in 45 cities, compared with 73 in May, with 12 seeing falls of more than 1 percent, a monthly decrease of five. Gains were posted in the other 55 cities, with 11 recording increases of more than 1 percent, an increase of three from May.
Year on year, however, home prices in 100 cities declined 1.9 percent on average, losing strength for another month. Sixty-seven cities saw a loss in value, compared with 60 cities in May, the academy said.
"New home purchases continued to rebound in major cities since March and a change in monetary policy further helped trigger buying sentiment," the academy said in a statement. "Some real estate developers have stopped offering discounts and in some cases raised prices amid robust sales, leading to the slight price increase in June."
The average cost of homes in the 10 largest cities, including Shanghai, Beijing, Guangzhou and Chongqing, climbed 0.75 percent from a month earlier to 15,429 yuan per square meter, with Beijing registering the biggest increase of 2.3 percent. Tianjin and Hangzhou were the only two cities among the 10 that suffered monthly drops, shedding 0.6 percent and 0.1 percent, respectively.
New home sales dropped 13.5 percent year on year to 255.52 million square meters across the country between January and May, recovering from a 14.9 percent annual drop recorded during the first four months of this year, the National Bureau of Statistics said last month. In Shanghai, new home purchases soared to its highest level in 17 months in June, according to a report released on Sunday.
"The two bank reserve requirement ratio cuts and the drop in interest rates by the central bank in the first half of this year have prompted a consensus among more people that the housing market could have reached its bottom already even though property curbs including the home-purchase restriction remain strictly enforced," said Huang Zhijian, chief analyst with Shanghai Uwin Real Estate Information Services Co.
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