China: House prices expand at fastest pace in 17 months in June
July 20, 2015
House prices in 70 large- and medium-sized cities rose 0.4% in June over the previous month, according to a weighted average index calculated by Thomson Reuters from data issued by the National Bureau of Statistics (NBS). June’s reading was above the 0.2% increase recorded in the previous month and marked the largest expansion since January 2014. According to the NBS, the sales prices of newly-constructed residential buildings declined in 34 cities, increased in 27 cities and that of 9 cities remained flat.
On an annual basis, house prices declined 4.9% in June, which was above the 5.7% drop tallied in May and, thereby, marked a six-month high. Nevertheless, as a result of the continued downward trend in prices observed since the start of 2014, annual average variation in house prices fell from minus 2.8% in May to minus 3.5% in June.