China's major cities experienced a significant rebound in housing transactions and prices in March, driven by improved market confidence, according to data released by the National Bureau of Statistics on Wednesday.
Among 70 large and medium-sized cities, the number of cities with month-on-month increases in commodity housing prices rose. In first-tier cities, these prices also showed month-on-month gains in March, according to the bureau.
On month-on-month basis, the sales prices of commodity housing units in first-tier cities rose in March, while the overall decline in prices for newly-built and pre-owned commodity housing units in second- and third-tier cities narrowed.
Specifically, the sales prices of newly-built commodity housing units in first-tier cities increased by 0.1 percent month on month, while prices for pre-owned units rose by 0.2 percent.
In second-tier cities, the sales prices of newly-built commodity housing units remained unchanged from the previous month, and the decline in pre-owned housing prices narrowed by 0.2 percentage points.
In third-tier cities, the declines in both newly-built and pre-owned commodity housing unit prices narrowed by 0.1 percentage points.
Meanwhile, the year-on-year decline in the sales prices of commodity housing units across the country continued to narrow in March.
Specifically, in first-tier cities, the year-on-year decline in the sales prices of newly built and pre-owned commodity housing units narrowed by 0.2 and 0.8 percentage points, respectively, compared with the previous month.
In second-tier cities, the year-on-year decline in the sales prices of newly built and pre-owned units narrowed by 0.3 and 0.4 percentage points, respectively, compared with the previous month.
In third-tier cities, the year-on-year decline in the sales prices of both newly built and pre-owned commodity housing units narrowed by 0.2 percentage points, compared with the previous month.
China's major cities see housing market rebound in March: data
China's major cities see housing market rebound in March: data
China's major cities see housing market rebound in March: data
China's major cities see housing market rebound in March: data
