NBS: Second-hand house prices in China indicate faster growth in first-tier cities in April

NBS: Second-hand house prices in China indicate faster growth in first-tier cities in April

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In April this year, of 70 major Chinese cities surveyed, new house prices in first-tier cities rose by 0.2 percent month on month, holding the same growth compared to that recorded in March this year, while rising by 2.9 percent year on year, 0.4 percentage points slower than recorded in March, as announced by China’s National Bureau of Statistics (NBS). Meanwhile, in second-tier cities the month-on-month growth rate of new house prices in the given month was 0.5 percent, 0.2 percentage point faster compared to the month-on-month growth rate in March, while in third-tier cities posted the month-on-month growth rate of new house prices in April at 0.6 percent, 0.4 percentage points bigger than that in March.

In China’s first-tier cities, prices of second-hand houses in April saw a year-on-year rise of 3.0 percent, 0.6 percentage points faster than that in March. Due to the coronavirus, buyers have been more willing to purchase houses in the first-tier cities for better medical resources and avoiding the risk of falling house prices.

In China’s second-tier cities, prices of second-hand houses in April saw a year-on-year rise of 2.2 percent, 0.3 percentage points slower compared to the year-on-year growth rate in March, indicating declines for twelve consecutive months. In third-tier cities, the year-on-year growth rate of second-hand house prices in April was 2.4 percent, 0.4 percentage points lower compared to the year-on-year growth rate recorded in March, which was the year-on-year drop for thirteen consecutive months.

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