New Home Prices Pop 0.9% in March, Only 8 Cities Decline

New home prices increased an average of 0.9% in March, and 2.9% year on year. NBS: 2016年3月份70个大中城市住宅销售价格变动情况

One stat I have been tracking is the effect of the top-tier cities and Xiamen. These 5 cities accounted for 50 percent or more of the national gain in recent months, but this month it tumbled to 31%. Xiamen had the lead with a 5.3% increase in new home prices, but Hefei climbed 4.6%; Nanjing 3.3%; several cities gained more than 1 percent such as Qingdao, Zhengzhou, Nanchang, Tianjin, Ningbo, Fuzhou, Wuhan and Shaoguan.

Shenzhen new home prices "only" gained 3.7% in March, but they're up 61.6% since last year. Next best was Shanghai at 25% and then Beijing at 16%.

Only 54 cities saw existing home prices rise and the top 5 cities still account for 44% of the total national gain of 0.8% in March. Existing home prices were up 3.7% yoy.

Hefei had the highest price increase going away, with a 9.3% advance in March. Beijing existing home prices climbed 6.3%; Shanghai 6.2%; Xiamen 4.9%; Shenzhen 4.7%; Guangzhou 3.5%.

April could be a much different story in the top-tier. Based on weekly data and anecdotes in the Chinese press, buyers sobered up quickly this month following the crackdown in P2P lending and the reintroduction of buying restrictions.

More Stories of Beijing Housing Price Cuts, Change in Buyer Sentiment
China's Real Estate Market Cools
Dongguan Home Prices Begin to Fall as Shenzhen Buyers Retreat

Shenzhen Homebuyers Abandon Deposits, Walk Away
Beijing Home Buyers Disappear

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