Rally in New Housing Prices Points to a Slow Recovery in Real Estate Market

SHANGHAI, Feb 16 (SMM) - The real estate market is showing signs of a recovery.

According to the data released by National Bureau of Statistics on February 16, new housing prices and prices of second-hand houses across 70 cities in China in January improved significantly month-on-month. In particular, cities with rising new housing prices outnumbered those with falling new housing prices for the first time since September 2021 by 36 versus 33. 

In terms of price change, the sales prices of new commercial residential buildings across 70 cities were flat in January, while the prices of second-hand houses dropped 0.28% MoM, down 0.14 percentage points on the month. It is the first time since February 2022 that new housing prices have rallied, thus it is expected that the prices may post a positive growth this month.

In detail, the sales prices of new commercial residential buildings in top-tier, second-tier and third-tier cities rose by 0.2%, 0.1% and dropped by 0.1% respectively.