China: House prices in February record 10th consecutive drop
March 18, 2015
House prices in 70 large- and medium-sized cities fell 0.4% 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). February’s drop matched the result recorded in the previous month. According to the NBS, the sales prices of newly-constructed residential buildings declined in 66 cities, increased in 2 cities and that of 2 cities remained flat.
On an annual basis, house prices declined 5.7%, which followed the 5.1% drop tallied in January and marked the lowest print since the current data series began in 2011. As a result of the continued downward trend in prices, annual average variation in house prices slowed from January’s 1.6% to 0.4% in February, which represented the lowest reading since April 2013.