CREIS: Small Home Price Decline in February

Note: Spring Festival was in February. There is at best two weeks of a normal market represented in this data.

The latest CREIS 100 city report is out. It shows prices fell 0.24% mom nationally in February, while yoy prices are down 3.84%. 61 cities down, 39 up, a deterioration from January.

In January, CREIS reported an increase in home prices (0.21% nationally, 0.59% in the top cities), so this number, while a small loss, is worse than the prior month report. The gap with government data was wide in January, with the NBS reporting a 0.43% drop in prices. CREIS reported a 0.74% drop in existing home prices in January and NBS reported a 0.36% drop. For February, CREIS reports new home prices in the top 10 cities fell 0.17%, showing the market is still bifurcating. Existing home prices increased 0.18% in the top 10 cities.