China: Decline in house prices accelerates in January
February 17, 2015
House prices in 70 large- and medium-sized cities fell 0.4% in January over the previous month, according to a weighted average index calculated by Thomson Reuters from data issued by the National Bureau of Statistics (NBS). January’s drop was down from the 0.3% decline recorded in the previous month. According to the NBS, the sales prices of newly-constructed residential buildings declined in 64 cities, increased in 2 cities and that of 4 cities remained flat.
On an annual basis, house prices declined 5.1%, which followed the 4.3% drop tallied in December and marked the lowest print since the current data series began in 2011. As a result of the continued downward trend in house prices, annual average variation in house prices slowed from December’s 2.8% to 1.6% in January, which represented the lowest print since June 2013.