More cities see home price increase in July

By Cherry Cao | August 18, 2015, Tuesday |

Online Edition

THE number of Chinese cities seeing month-over-month home price increases continue to climb in July, according to data released today by the National Bureau of Statistics.

Across the country, month-on-month rise in new house prices was found in 31 cities, an increase of four from June. Twenty-nine cities suffered declines while the rest 10 remained unchanged from a month earlier, said the bureau, which monitors home prices in 70 cities.

"For the first time in 15 months, the number of cities recording monthly price increases exceeded those registering declines, indicating a continously recovering housing market around the country," said Lu Qilin, director of research at Shanghai Homelink Real Estate Agency Co. "However, diversifications continued to exist in different-sized cities with home prices in most third- and fourth-tiered ones still witnessing price drops from a month ago."

Nationwide, Shenzhen in Guangdong Province saw a month-over-month growth of 6.3 percent, the biggest increase among all. It was followed by Shanghai's 1.9 percent gain, Beijing's 1.4 percent rise and Guangzhou's 1.2 percent growth, the bureau's data showed.

In the existing home market, 39 cities recorded price increases from a month earlier, a decrease of three from June.

Thirteen cities saw prices remain unchanged while another 18 suffered setbacks, compared with eight and 20, respectively, in the previous month, the bureau said.

The average home price in the 70 cities rose at a slower race in July, or down by 0.2 percentage points for new properties compared to June and by 0.1 percentage points for existing homes, according to Liu Jianwei, a senior statistician at the bureau.

On an annual basis, new home prices rose in only 3 cities -- Shenzhen, Shanghai and Beijing -- while they dropped in the remainder 63. In the existing home market, five cities managed to see increases from same period a year ago while the rest all suffered year-on-year declines.

Backed by robust residential sales registered around the country over the past few months, the country's property market has seen itself bottom out from a downturn after a batch of stimulus policies introduced by both the state and local governments since late last year began to take joint effect.

In the first seven months, sales of new homes, excluding government-funded affordable housing, rose 16.8 percent year on year to 3.48 trillion yuan (US$545 billion), accelerating from 12.9 percent growth in the first half and 5.1 percent in the year through May, the bureau said in a statement released last week.

Sales by area in the period climbed 6.9 percent year on year to 530 million square meters, also accelerating from 4.5 percent in the first six months and level growth in the January-May period, according to the bureau.

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More cities see home price increase in July

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