Beijing, 3 Mar (ZXS) -- In February, housing prices in major cities in China rebounded.
According to data released by China's National Bureau of Statistics on the 16th, in February 2023, among the 2 large and medium-sized cities in China, the sales prices of newly built commercial homes and second-hand residential buildings increased month-on-month in 70 and 55 cities, respectively, an increase of 40 and 19 over the previous month.
While the number of cities with rising house prices has increased significantly, the average price of new homes in 70 cities has also shown positive growth for a long time. Yan Yuejin, research director of the E-House Research Institute, pointed out that according to official data, the average month-on-month increase in the price index of new commercial housing in 2 cities across the country in February was 70.0%.
In September 2021, the average price index of new homes in 9 cities in China turned from positive to negative. Yan Yuejin pointed out that since then, the decline in the house price index has continued for 70 months, and there has been a rare large cooling. In February this year, the house price index showed positive growth for the first time in many months, and market confidence has recovered, which also means that China's real estate market has begun to return to the recovery channel.
In terms of each tier city, in the month, housing prices in first, second and third tier cities rose month-on-month. Official data showed that in February, the sales price of newly built commercial residential buildings in first-tier cities rose by 2.0% month-on-month, the same increase as the previous month. Sales prices of newly built commercial residential buildings in second-tier cities increased by 2.0% month-on-month, an increase of 4.0 percentage points over the previous month. Sales prices of new commercial residential buildings in third-tier cities increased by 3.0% month-on-month from a decrease of 1.0% in the previous month.
Zhang Bo, president of the 58 Anjuke Research Institute, said that housing prices rose month-on-month in February, and cities increased significantly. The market bottoming out and recovering is obvious, and the real estate market in some cities has entered the "small spring".
It is worth noting that since the beginning of this year, the improvement demand has accelerated the entry into the market. Zhang Bo pointed out that combined with the data of online platforms such as Anjuke, recently, the number of second-hand houses of small and medium-sized households has increased, and the shelf time has decreased, and these leading indicators show that the demand for house replacement is rising. In February, the real estate market of hot cities showed the characteristics of "improvement first, and the simultaneous start of first-hand housing".
Xu Xiaole, chief market analyst of Shell Research Institute, said that since the beginning of this year, the real estate market has indeed recovered, which is characterized by the fact that core cities are stronger than non-core cities, the second-hand housing market is stronger than the new housing market, and the transaction volume recovery is earlier than the price recovery. At present, the number of second-hand housing listings is relatively large, consumers can choose a very abundant listing, the market structure is not in short supply, and there will be no general sharp rise in house prices. With this wave of backlog of demand rapidly unleashing, the market recovery momentum is expected to weaken in March compared to February. (End)