China: House prices in May expand for first time in over one year
June 18, 2015
House prices in 70 large- and medium-sized cities rose 0.2% in May over the previous month, according to a weighted average index calculated by Thomson Reuters from data issued by the National Bureau of Statistics (NBS). May’s increase was above the flat reading recorded in the previous month and marked the first expansion since May 2014. According to the NBS, the sales prices of newly-constructed residential buildings declined in 43 cities, increased in 20 cities and that of 7 cities remained flat.
On an annual basis, house prices declined 5.7% in May, which was above the 6.1% drop tallied in April and, thereby, marked a three-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 1.8% in April to minus 2.8% in May.