National Bureau of Statistics revealed how stable China’s residential property market has been in August with new home prices in all-tiered cities maintaining growth.
In July, new home prices have climbed up at .3% average. Beijing and Shanghai’s home prices rose .5% and .3% respectively. Meanwhile Guangzhou and Shenzhen registered a .2% increase.
In the pre-occupied housing market category, subsequent to a .3% increase in July, prices in the four cities remained flat from a month ago. The numbers remained unchanged for Shanghai and Guangzhou while Beijing showed a .4% decrease. Shenzhen however, scored a .2% increase for the same period.
New home prices rose to a .5% average increase for 31 second-tier cities after scoring a higher .7% improvement back in July. Meanwhile after a .4% gain for prices of existing homes, it has gone down to .2% this month.
Moreover, new prices came in at a .7% pace in July for the 35 third-tier cities as revealed by the bureau. Exiting home prices improved at .8% register, swifter against a .7% July growth register.
August is traditionally an off-season for property sales that’s why quite a number of cities are registering declining numbers in the new housing market. The number of cities registering price decreases remained unchanged from July but more notable declines were found compared with the new home market.
Lu Wenxi, senior manager of research at Shanghai Centaline Property Consultants Co. explains that the existing home market, usually reflects better statistics in the residential market category.
The biggest month-on-month new home price increase across the country transpired in Tangshan, Hebei Province at 1.9%. Meanwhile, 10 cities registered a month-over-month new home price decrease in August, relatively higher than the 3 registered in July.
Prices of new homes in all-tiered cities continued to rise at a slower pace in August. They added 4.2 percent, 9.9 percent and 9 percent, respectively, in first-, second- and third-tier cities. In pre-occupied residential market, they fell 0.2 percent, gained 5.5 percent and 5.8 percent, respectively, from the same period a year ago.
