China: House prices record softest drop in nearly one year in March
April 18, 2015
House prices in 70 large- and medium-sized cities fell 0.1% in March over the previous month, according to a weighted average index calculated by Thomson Reuters from data issued by the National Bureau of Statistics (NBS). March’s drop was above the 0.4% decline recorded in the previous month and marked the smallest decrease since April 2014. According to the NBS, the sales prices of newly-constructed residential buildings declined in 50 cities, increased in 12 cities and that of 8 cities remained flat.
On an annual basis, house prices declined 6.1%, which followed the 5.7% drop tallied in February 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 swung from plus 0.4% in February to minus 0.8% in March, which represented the lowest reading since January 2013.