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June 2, 2015

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New home prices climb again in May

PRICES of new homes rose again in China in May as sentiment among buyers continued to improve, a report released yesterday by the China Index Academy showed.

The average cost of new homes in 100 cities edged up 0.45 percent from a month earlier to 10,569 yuan (US$1,705) per square meter, the first month-on-month increase since February, the academy said.

Nationwide, prices rose in 48 cities monthly, a rise of nine from April. Prices fell in the remaining 52 cities, a drop of eight from a month earlier.

Of the country’s 10 largest cities including Beijing and Shanghai, the average new home price rose nearly 1 percent from a month earlier to 19,148 yuan per square meter in May. The increase accelerated from a 0.12 percent month-on-month gain in April.

“The central bank’s further cut in interest rates in May, favorable public housing fund policies introduced by some local governments, and abundant new supply released by real estate developers jointly fueled new home transactions in some cities,” the academy said.

“Looking forward, an overall rebound in the residential property market has become quite evident now but high inventory still exists in some cities,” the academy added.

In Shanghai, new home prices rose to a record in May amid robust sales, according to a separate industry report released yesterday.

The average price of new houses, excluding government-subsidized affordable housing, jumped 8.2 percent from April to 31,832 yuan per square meter last month, the highest ever registered in the city.

The area of new homes sold climbed 14.7 percent from a month earlier to 1.43 million square meters, the highest volume for May since 2010, according to Shanghai Deovolente Realty Co.


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