The National Statistics Bureau said there would be changes in the home prices statistics two days ago. Western media oddly said that Beijing is scrapping the data altogether. The reality is the data is just out 2 hours ago. And the previous announcement said the home prices data will be made available on the 18th day of each month, unless it is a holiday, of which the data will be out next working day.
Just briefly, for newly constructed homes, 3 cities out of 70 cities recorded 2% or more increases in home prices compared to last month, and 3 cities recorded prices declines. Overall, 60 cities recorded increases, 5 cities recorded steady prices, and 3 cities recorded falling home prices. For second-hand homes, 5 cities recorded increases of 2% or more, and prices in 3 cities dropped. On an year-on-year basis, prices in 65 out of 70 cities rose, within which 6 of the cities recorded rise of more than 10%, while prices in 5 cities dropped. On the whole, home prices in eastern coastal areas rose more than the inner parts of China, which is entirely expected.
On the surface, of course, the “new” numbers do not look very much different from the “old”, in a sense that people would still doubt if that is a correct picture. I will need more time to look at the numbers, which probably means that I will have more to say over the weekend.