NBS Spins June Home Price Rise: At Least the YoY Number Declined
China’s NBS had to spin the 0.67 percent national increase in home prices in June by showing the year-on-year increase for May 2017 was higher than June 2017. June’s one-month rise was only slightly behind May’s 0.74 percent increase.
Buying restrictions in the top-tier are working: the total price increase for the four an Xiamen was 0.06 percent of the national total. The seven second-tier “hot” cities from 2016 only accounted for 3.6 percent of the total.
New home prices in Harbin rose 1.6 percent, Chongqing 1.5 percent, Xiangyang 1.9 percent, Beihai 2.1 percent.
Existing home prices climbed 0.59 percent nationally. The top tier cities saw net prices declines, while the hot second-tier cities only accounted for 6 percent of the national increase. Beijing saw the largest decline, 1.2 percent.