Chinese Home Price Rise Accelerates in March
NBS reports home prices increased 0.7 percent in the month of March, an acceleration from prior months. The first-tier and 12 hot cities I have followed in the past have slowed and only accounted for 14 percent of the increase. Last year the two sometimes accounted for well over 50 percent of the national increase.
Existing prices rose even faster, at a 0.8 percent pace. Some wide divergences were seen as restrictions hit new housing much harder than existing housing. In Beijing, new home prices rose 0.4 percent, existing homes up 2.2 percent. Xiamen new homes 1.8 percent, existing up 4.4 percent.