Average new home prices in China's 70 major cities dropped by 0.2 percent year-on-year in April 2023, much slower than a 0.8 percent fall in the previous month. This was the 12th straight month of decrease in new home prices but the softest pace since May 2022, amid efforts from Beijing since last year to speed up policy measures to spur a recovery of the ailing property sector. Among the Chinese biggest cities, prices fell at softer pace in Tianjin (-0.9% vs -1.6% in March), Shenzhen (-1.1% vs -1.5%), and Guangzhou (-0.1% vs -0.2%). Meantime, prices continued to grow in Beijing (4.5% vs 4.6%), Chongqing (1.2% vs flat reading), and Shanghai (4.6% vs 4.1%). On a monthly basis, new home prices rose by 0.4 percent, the fourth straight month of growth, after a 0.5 percent gain in March which was the strongest rise in 21 months, as the economy fully re-emerged from pandemic disruptions. source: National Bureau of Statistics of China
Housing Index in China averaged 4.09 Percent from 2011 until 2023, reaching an all time high of 12.60 Percent in November of 2016 and a record low of -6.10 Percent in March of 2015. This page provides the latest reported value for - China Newly Built House Prices YoY Change - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. China Newly Built House Prices YoY Change - data, historical chart, forecasts and calendar of releases - was last updated on June of 2023.
Housing Index in China is expected to be 0.50 Percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the China Newly Built House Prices YoY Change is projected to trend around 2.70 Percent in 2024 and 3.00 Percent in 2025, according to our econometric models.