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More cities saw home prices drop in June
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THE number of Chinese cities registering month-on-month decline in home prices rose to 55 in June from 35 in May as the country’s housing market continued to cool down, the National Bureau of Statistics said in a statement yesterday.
Prices were flat in seven cities last month and gained in eight, the bureau’s data showed.
“As such, 78.6 percent of the cities posted month-on-month price decrease in June, which was the highest level since the data series began in January 2011,” Zhu Haibin, China chief economist at JPMorgan wrote in a note. “On average, national housing price fell 0.5 percent month on month in June, which was the second monthly decline since June 2012.”
The average price of a new home in the 70 cities fell 0.2 percent in May, the first dip in two years.
Nationwide, Hangzhou in Zhejiang Province recorded the largest monthly drop of 1.8 percent while Hohhot in the Inner Mongolia Autonomous Region and Guiyang in Guizhou Province both saw a month-on-month gain of 0.2 percent in price, the biggest among all gainers.
In Shanghai, Guangzhou and Shenzhen, new home prices fell 0.6 percent, 0.6 percent and 0.4 percent, respectively, from a month earlier. Beijing registered an increase of 0.1 percent.
On a year-on-year basis, home prices rose in 69 of the 70 cities in June, the 14th consecutive month with one city’s housing price falling. Wenzhou in Zhejiang remained the only city to register a decline, with prices down 5 percent year on year.
While Tier-1 cities — Beijing, Shanghai, Guangzhou and Shenzhen — continued to lead the housing price growth, their magnitude all eased further. On average, national housing price gained 4.3 percent in June, compared with 5.6 percent in May.
Notably, Xiamen in Fujian Province overtook Shanghai last month to register the biggest year-on-year price growth. Home prices in Xiamen rose 9.4 percent from the same period a year earlier, compared with an 8.2 percent gain in Shanghai. Prior to this, Shanghai was the national leader for seven straight months through May, the bureau’s data showed.
“The key issue to watch out in the second half is whether the housing market adjustment will stabilize from the bottom with the easing of property curbs,” Zhu wrote. “We believe more cities will follow the example of Hohhot and Jinan, which may ease the downward pressure in the housing market.”
Late last month, Hohhot became the first city to lift home purchase curbs while Jinan in Shandong Province replicated the move earlier this month as governments fight against sluggish property sales in a bid to boost the local economy.
In the existing home market, prices fell month on month in 52 of the 70 cities in June, compared with 35 in May.
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