China: Growth in house prices decelerates in May
June 18, 2016
House prices in 70 large- and medium-sized cities rose 0.9% in May over the previous month, according to a weighted average index calculated by Thomson Reuters from data issued by the National Bureau of Statistics (NBS). The print undershot the 1.2% increase tallied in the previous month, which had marked the highest reading since records began in January 2011. According to the NBS, the sales prices of newly-constructed residential buildings declined in 4 cities, increased in 60 cities and remained flat in 6 cities.
Compared to the same month of the previous year, house prices jumped 6.9% in May. The print came in above the 6.2% increase tallied in April and thereby marked the highest level in over two years. As a result of the continued upward trend in prices that has been observed since May 2015, annual average variation in house prices in May swung from 0.2% in April to 1.2%, which represented a 16-month high.