New home prices in China’s 100 major cities fell for 7th consecutive month in Jan – research 
New home prices in China’s 100 major cities fell for 7th consecutive month in Jan – research 

New home prices in China’s 100 major cities fell for 7th consecutive month in Jan – research 

 

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The average new home prices in China’s 100 major cities stood at 16,174 yuan per square meter in January, falling by 0.02% from the previous month, down for the 7th consecutive month, according to data from China Index Academy, a major real estate research firm in China.

In breakdown, new home prices in tier-one cities grew by 0.01% in January from the prior month, with prices in Shanghai and Beijing up 0.04% and 0.01%, respectively, showed the data.

New home prices in tier-two cities declined at a slower pace, while new home prices in tier-3 and tier-4 cities remained sluggish, it said.

Second-hand home prices in the cities continued to fall in January, but declines narrowed in some cities as homeowners’ expectations improved, it said, adding that the prices in Shanghai and Beijing rose from the month before.

Separate data from Beike Research Institute showed that new home projects visits by potential homebuyers picked up during the Spring Festival holidays. The number in southwestern metropolis of Chengdu and Chongqing rose by 150% and 100% from the same holiday period last year, that in the cities of Huizhou, Dongguan and Foshan, all in Guangdong province, doubled a year earlier, while that in the technology hub of Shenzhen surged 86%.

Looking ahead, policies aimed at supporting supply and demand sides of the housing markets will continue to kick in and that will help restore confidence in the real estate market, it said.

Overall, given the loosening policy, some tier-one and major tier-two cities are expected to see housing market recovery which will help stabilize housing markets around the country, it added.