Housing prices slide for third straight month

By Cherry Cao | August 1, 2014, Friday |

Online Edition

HOUSING prices in China weakened for the third straight month with more than 75 percent of the nation's major cities registering month-on-month declines, according to a report released today by the China Index Academy.

The average price of new homes in 100 cities fell 0.81 percent from June to 10,835 yuan (US$1,748) per square meter in July, the academy said. The price fell by 0.5 percent in June and 0.32 percent in May, which was the first monthly retreat since June 2012.

"Due to tightened credit at commercial banks as well as an uncertain outlook in the sector, the country's residential property market has been losing steam since January," the academy said. "With more cities expected to lift home purchase restrictions, the domestic housing market might get a short-term boost in the second half."

Across the country, 76 of the 100 cities monitored by the academy recorded price decreases, compared with 71 in June. Of these, 39 cities posted drops of over 1 percent, compared to 35 a month earlier.

In the 10 largest cities, the average price of a new home fell 0.97 percent to 19,328 yuan per square meter in July. That compared with a 0.45 percent decrease in June and a 0.18 percent dip in May.

Guangzhou in Guangdong Province led all with a 1.77 percent month-on-month loss while prices in Shanghai, the only city of the 10 that saw a monthly rise in June, registered a milder retreat of 0.45 percent.

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Housing prices slide for third straight month

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