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H1 new home sales retreat at a slower pace
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HOME sales in the first half of 2014 fell at a slower pace, by both value and volume, indicating a stabilizing trend though the overall industry momentum in China remained on the soft side.
The value of new homes sold dropped 9.2 percent from the same period a year ago to 2.56 trillion yuan (US$412.9 billion) during the January-June period, the National Bureau of Statistics said on its website yesterday. In the first five months, the value fell 10.2 percent year on year.
The volume of new homes sold, meanwhile, sank 7.8 percent from a year ago to 256.3 million square meters while it dropped 9.2 percent annually in the first five months.
“The country’s real estate market saw declines in new home sales in the first half of this year and housing prices in second- and third-tier cities also headed south during the period,” said Sheng Laiyun, a bureau spokesman. “Robust performance in the first half of 2013 actually led to the year-on-year retreat, meaning it was a normal correction of the market which should be good for both the healthy development of the property market as well as a sustainable national economy.”
Tightened credit at banks coupled with continuously high property prices ensured home buyers stayed on the sidelines in the first six months while cautious sentiment also hung over real estate developers amid sluggish sales, analysts said.
Investment in housing developments, for instance, rose 13.7 percent YOY to 2.87 trillion yuan across the country in the first half, compared to a 14.6-percent rise in the first five months, data showed.
The housing market has entered a correction period with new home inventories in most cities reaching record levels.
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