Residential housing market in first-tier cities extends decline in Mar

SHANGHAI, Apr 18 (SMM) – Prices of residential property in China’s first-tier cities continued to decline on the year in March, while prices across second- and third-tier cities rose at a slower rate, data from the National Statistics Bureau showed. 

In first-tier cities, prices of new and resale homes in March fell 0.6% and 0.1% on the year, respectively. 

The data covered 70 large and medium-sized cities across across China and showed that prices of new homes across 15 of these cities remained firm in March. 

Prices in seven cities dropped 0.1-0.4% from February; prices in Tianjin and Hefei remained unchanged and prices in the remaining 61 cities edged up. On a yearly basis, prices of new homes in nine cities dipped 0.3-2.3% in March and rose 0.1-1.2% across the other cities.

Across second-tier cities, prices of new and resale homes inched up year on year, but grew 0.2 and 0.4 percentage point less than February, respectively. 

Prices of new and resale homes in third-tier cities rose 0.3 percentage point less than February.

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