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Chinese Housing Market Resilient with Month-on-Month Increase in Home Prices in January

BusinessChina DataChinese Housing Market Resilient with Month-on-Month Increase in Home Prices in January

The Chinese housing market showed signs of stability in January, with a greater number of cities experiencing slight month-on-month increases in home prices, according to official data released on Thursday.

The National Bureau of Statistics reported that out of 70 large and medium-sized cities, 36 saw an uptick in new home sales prices from the previous month, up from 15 in December. Meanwhile, 13 cities saw an increase in resale home prices, compared to seven in the previous month.

In the first-tier cities of Beijing, Shanghai, Shenzhen, and Guangzhou, new home prices rose 0.2% month-on-month in January, the data showed. This marks a small increase from the previous month, and suggests a modest recovery in some of the country’s biggest housing markets.

In 31 second-tier cities, new home prices increased 0.1% month-on-month, reversing a 0.3% drop recorded in December. This is also a positive sign for the market, as it indicates that the previous month’s decline was likely a temporary dip. However, 35 third-tier cities saw a decline of 0.1% month-on-month.

Resale home prices in the four first-tier cities increased 0.4% month-on-month in January, compared to a 0.5% reduction in the previous month. This is yet another positive sign, suggesting that buyers in these cities may be feeling more confident in the market.

Meanwhile, second-tier and third-tier cities saw a 0.3% and 0.4% decline in resale home prices, respectively, during the same period. This suggests that these cities are still experiencing some challenges in the housing market, and that it may take longer for them to recover than the larger, first-tier cities.

Overall, the housing market in China appears to be holding steady, with signs of improvement in some areas, particularly in larger cities. While there are still some challenges to be faced in the market, the latest data suggests that the worst may be over, and that buyers and sellers alike may start to feel more optimistic about the future.

Despite the recent uptick in home prices, the Chinese government remains vigilant about the housing market, and has recently reiterated its commitment to keeping prices stable and preventing speculation. With the right policies and measures in place, there is reason to believe that the Chinese housing market will continue to show signs of stability and growth in the coming months.

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