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House Price Falls Accelerated In April, Underscoring Need For Policy support

CHINA DATA
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China April house price trends showed renewed downside momentum after a modest recovery in recent months. New home prices fell -0.58% m/m, versus -0.34% in March. Used home prices fell -0.94% m/m from -0.53% recorded in March.

  • Both series are back towards 2014 lows, see the chart below. Note used houses m/m change is the orange line.
  • In terms of city outcomes, we saw 64 cities record a fall in April for new home prices. We were at 57 cities in March (6 recorded an increase, compared with 11 in March). For existing or used homes these stats were unchanged with 69 cities seeing falls in April. In y/y terms these stats were similar.
  • For the larger cities, Shanghai remained a bright spot, up 4.2% y/y for April. Beijing was back to -0.5% y/y, Guangzhou was -6.9%y/y, while Shenzhen -6.7% y/y. These are all for new homes.
  • The data underscores efforts by the authorities to boost sentiment/support in the sector. Today a meeting between key stakeholders in terms of China's property sector is taking place (see this BBG link for more details).

Fig 1: China House Prices See Renewed Downside Pressure

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China April house price trends showed renewed downside momentum after a modest recovery in recent months. New home prices fell -0.58% m/m, versus -0.34% in March. Used home prices fell -0.94% m/m from -0.53% recorded in March.

  • Both series are back towards 2014 lows, see the chart below. Note used houses m/m change is the orange line.
  • In terms of city outcomes, we saw 64 cities record a fall in April for new home prices. We were at 57 cities in March (6 recorded an increase, compared with 11 in March). For existing or used homes these stats were unchanged with 69 cities seeing falls in April. In y/y terms these stats were similar.
  • For the larger cities, Shanghai remained a bright spot, up 4.2% y/y for April. Beijing was back to -0.5% y/y, Guangzhou was -6.9%y/y, while Shenzhen -6.7% y/y. These are all for new homes.
  • The data underscores efforts by the authorities to boost sentiment/support in the sector. Today a meeting between key stakeholders in terms of China's property sector is taking place (see this BBG link for more details).

Fig 1: China House Prices See Renewed Downside Pressure

Keep reading...Show less