New home prices (excluding affordable housing) in 56 cities among 70 medium-to-large-sized Chinese cities increased on a month-on-month basis in March, according to data released by the National Bureau of Statistics.
Ten cities saw their new home prices unchanged from last month, while four cities witnessed price drops.
This reinforces the weakening trend in China’s residential property sector. In February, 65 cities showed price increases and four had price drops.
On a month-on-month basis, Nanjing and Xiamen increased the most by 0.6%, while Haikou’s home prices dropped the most, down 0.2%.
On a year-on-year basis, 69 cities showed price increases and one city saw price drop.
Shanghai’s new home prices jumped the most with a 15.5% year-on-year growth. Beijing’s prices increased 13%.
Wenzhou’s new home prices dropped 4.2%, the steepest decrease nationwide.