Average new home prices in China's 70 major cities declined by 0.1 percent year-on-year in May 2022, reversing from a 0.7 percent gain a month earlier. The latest figure represented the first drop in new home prices since September 2015, as tighter COVID-19 restrictions dented buyer confidence in the property market. Among China's biggest cities, prices dropped further in Tianjin (-1.4 percent vs -0.3 percent in April), while softer rises were seen in Chongqing (3.9 percent vs 6.1 percent), Guangzhou (1.0 percent vs 2.0 percent), and Shanghai (3.4 percent vs 3.8 percent). Meantime, prices were unchanged at Shenzhen (at 3.9 percent) while edged up slightly in Beijing (5.9 percent vs 5.8 percent). On a monthly basis, new home prices dropped by 0.1 percent in May, the second straight month of drop, after a 0.2 percent drop in April. source: National Bureau of Statistics of China
Housing Index in China averaged 4.51 percent from 2011 until 2022, 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 2022.
Housing Index in China is expected to be 1.80 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 3.50 percent in 2023, according to our econometric models.