China: House prices in December record softest drop in seven months
January 18, 2015
House prices in 70 large and medium cities fell 0.3% in December over the previous month, according to a weighted average index calculated by Thomson Reuters from data issued by the National Bureau of Statistics (NBS). December’s drop was up from the 0.5% decline recorded in the previous month and marked the softest contraction since May. According to the NBS, the sales prices of newly constructed residential buildings declined in 67 cities, increased in 1 city and that of 2 cities remained flat.
On an annual basis, house prices declined 4.3%, which followed the 3.7% drop tallied in November and marked the lowest print on record. As a result of the continued downward trend in house prices, annual average variation in house prices slowed from November’s 4.0% to 2.8% in December, which represented the lowest print since July 2013.