China: Growth in house prices stabilizes in July
August 18, 2016
House prices in 70 large- and medium-sized cities rose 0.8% in July 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 was in line with the result tallied in the previous month. According to the NBS, the sales prices of newly-constructed residential buildings declined in 16 cities, increased in 51 cities and remained flat in 3 cities.
Compared to the same month of the previous year, house prices jumped 7.9% in July. The print came in above the 7.3% increase tallied in June and thereby marked the fastest expansion since February 2014. As a result of the continued upward trend in prices that has been observed since May 2015, annual average variation in house prices in July rose from 2.3% in June to 3.2%, which represented a 20-month high.