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New home prices drop in 74 out of 100 Chinese cities

By Cherry Cao | September 1, 2014, Monday | Online Edition

WEAK momentum extended for the fourth consecutive month in China's residential property market despite at a slower pace, a report released today by China Index Academy showed.

The average price of new homes in 100 cities fell 0.59 percent from July to 10,771 yuan (US$1,737) per square meter in August, the academy said. The price decreased by 0.81 percent in July, 0.5 percent in June and 0.32 percent in May, which was the first month-over-month retreat since June 2012.

"The country's housing market is still undergoing a correction at the moment with most cities registering smaller price drops compared to a month earlier," the academy said. "Meanwhile, the relaxation of home purchase restrictions in some second- and third-tier cities will somewhat help boost short-term sales while the arrival of September and October, which are the traditional high season for property purchase in China, might also lead to some seasonal rebound in transaction."

More than 80 percent of the 46 cities that imposed a home purchase restriction are now in an easing mode as local governments intervene to fight against sluggish sales that are posing a threat to a stable economy.

Across the country, 74 of the 100 cities tracked by the academy registered price drops, compared with 76 in July. Of these, 31 cities suffered drops of more than 1 percent, a decrease of eight from a month earlier.

In the 10 largest cities, the average price of a new home shed 0.53 percent to 19,226 yuan per square meter in August, compared with a 0.97 percent decrease in July and a 0.45 percent withdrawal in June.

Hangzhou led all with a 1.81 percent month-over-month loss, while Chongqing and Wuhan followed immediately with a decrease of 1.66 percent and 1.58 percent, respectively. In Shanghai, new home prices fell 0.33 percent from July, the academy said.

Year on year, 61 cities registered price decreases last month, compared with 52 in July. Average price climbed 3.15 percent annually in August, the eighth straight month when year-on-year growth was recorded at a slower rate.

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