Photo: emilie raguso on flickr
Home prices in China are still rising, with China’s National Bureau of Statistics reporting that 50 out of 70 cities (71%) in the country saw home prices grow month-over-month in May, according to China Daily.That’s down from April, when 56 out of 70 cities reported month-over-month price growth, but still shows that there’s no sign a sharp slowdown in Chinese home prices.
China Daily, the government broadsheet, still ran with the headline “Cities Rein In Home Prices.”
Note, that on a year-over-year basis, price growth is still firmly entrenched.
From China Daily:
On a year-on-year basis, the prices of new commercial homes declined in three cities, including Hangzhou and Sanya, both of which were hot spots for real estate speculation in the past. Meanwhile, 36 cities saw lower year-on-year growth, up from 29 in April, said the NBS.
The rate of price growth is slowing. If you believe the Chinese housing market is due for a correction, where prices fall, you’re not getting that yet. But if China’s government is merely trying to slow the rate of home price inflation, rather than stop it, they’re achieving their goal.
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