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House prices still up, but pace slows
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HOUSE prices in China extended their upward trend in February, although the pace continued to slow, according to a China Index Academy report released yesterday.
The average price of new homes in 100 Chinese cities climbed 0.54 percent last month from January to 10,960 yuan (US$1,788) per square meter, the 21st straight month-on-month gain.
In January, prices rose 0.63 percent, while in December the increase was 0.7 percent, academy data showed.
Narrowing price growth — both monthly and annually — continued across the country last month, an indication of eased sentiment, the academy said.
“Most cities saw sluggish volumes of both supply and transactions with cautious momentum prevailing among both real estate developers and home seekers,” it added.
Around the country, prices in 64 cities rose from a month ago — an increase of two from January.
Of those, 20 recorded increases of above 1 percent, unchanged from a month ago.
Liuzhou in south China led last month’s rises with a 3.55 percent increase.
In the 10 largest cities, the average price of a new home rose 1.08 percent to 19,433 yuan per square meter in February.
This compares with a 1.22 percent monthly growth recorded in January.
Beijing continued to see the biggest growth among the largest cities with a monthly gain of 1.97 percent.
It was followed by Nanjing with an increase of 1.32 percent, Shenzhen, where prices were up 1.16 percent and Shanghai, which recorded a 1.11 percent hike.
Year on year, the price of new residential properties jumped 10.8 percent, gaining strength for the 15th consecutive month.
The pace is down from an 11.1 percent rise in January.
Of the 100 cities monitored by the academy, 90 registered price growth, compared with 94 recorded in January.
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