April Home Prices: Majority of Cities See Price Declines in Existing Homes; New Home Prices Continue to Decelerate

Home prices drop in more Chinese cities
A total of 44 cities saw month-on-month price gains in new home prices last month, down from 56 for March and 57 for February, the NBS data showed. Among the 44 cities with rising new home prices, growth decelerated in 31 last month.

China home price inflation cools to eight-month low in March
On a month-on-month basis, four cities, including Wenzhou and Haikou in the far south, saw home prices drop, while 10 cities, including Hangzhou and Ningbo, saw prices unchanged from the previous month, the NBS said.

Year-on-year numbers remain solid thanks to the big gains from 2013, but month-on-month is where a trend change will first emerge. All the numbers below are mom unless noted.

March: 4 cities fell in price mom, 10 cities were flat, 56 were up.
April: 8 cities fell in price mom, 18 cities were flat, 44 were up.


Biggest price gains in new 商品房: 0.4 percent in Nanjing and Xiamen. The biggest decline was 0.7 percent in Hangzhou. On net there were far more cities up than down, but there were almost as many large price declines as large price increases. There were 5 cities with price increases of 0.3 percent or more; there were 4 cities with declines of 0.3 percent or more.

8 cities saw price declines for smaller homes (90 sqm and below) and midrange homes (90 to 144 sqm); 26 cities saw price declines for larger homes (144 sqm and above).

Existing home indexes in 22 cities saw prices declines in April. Only 2 cities were down yoy: Wenzhou in Zhejiang province and Mudanjiang in Heilongjiang province.

Existing homes were much weaker than the overall index shows. By my count, 44 of the 70 cities saw price declines in at least one market segment: 27 cities saw price declines for smaller homes; 34 cities saw price declines for larger homes. Midrange homes held up a bit better than these two.

Beijing existing home prices declined across the board in April.

Below is the data for April. The first table is residential housing. The data is MoM, YoY, and since 2010. The second table includes residential/commercial properties (商品房). The third table is existing homes. The fourth table breaks down the prices changes for 商品房 by sqm. The fifth table does the same for existing homes.

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