Average new home prices in 70 major Chinese cities rose 0.44% month-on-month in March, according to calculations by The Wall Street Journal. In February, the index increased by 0.29%.
According to official statistics, the cost of new homes fell last month in 5 cities compared to 13 in February.
On an annualized basis, average prices in 70 cities declined 1.35% compared to 1.86% in February. The number of cities that recorded a year-on-year decline fell to 51 from 54 a month earlier.
China’s real estate market has faced challenges in the past year, including a renewed rise in coronavirus infections, weakening consumer confidence and shrinking demand.
PRC authorities have taken numerous support measures to restore activity in the sector.
The People’s Bank of China (PBOC, the country’s central bank) promised to step up the implementation of differentiated housing lending policies depending on regional conditions and closely monitor changes in the housing market to improve the effectiveness of its measures.
