The latest data from China’s National Bureau of Statistics indicates that housing prices in first and second tier cities continued to see declining YoY growth in the month of June.
NBS data indicates that new commercial residential building price growth across 15 first tier and “hot spot” second-tier cities fell by between 0.8 and 5.5 percentage points in the month of June, while in nine cities prices either declined or held steady.
Looking at the 70 large and medium-sized cities covered by NBS data as a whole, first and second-tier cities continued to see dwindling growth in prices for residential property.
Average price growth for new and second hand commercial residential property in first-tier Chinese cities fell for the 9th consecutive month in June, with declines of 2.6 percentage points and 1.9 percentage points respectively compared to May.
Average price growth for new commercial residential property in second-tier cities fell for the seventh consecutive month in June, declining by 0.5 percentage points compared to May, while average price growth for second-hand residential property posted is fifth consecutive month of decline, with a fall of 0.1 percentage.