China: House prices in February confirm improvement in the property sector
March 18, 2016
House prices in 70 large- and medium-sized cities rose 0.6% in February 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 overshot the 0.4% increase tallied in the previous month and marked an over-two-year high. According to the NBS, the sales prices of newly-constructed residential buildings declined in 15 cities, increased in 47 cities and remained flat in 8 cities. February data are consistent with the improvement seen in the real estate market in big cities at the outset of the year.
Compared to the same month of the previous year, house prices jumped 3.6% in February. The print came in well above the 2.5% increase tallied in January and thereby marked the highest level in one-and-a-half 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 February rose from minus 2.5% in January to minus 1.8%.