July 15, 2024 01:52 GMT
House Price M/M Falls Pared, But Still Some Distance From Positive Territory
CHINA DATA
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China house price data for June showed continued m/m drops, albeit not as large as what were recorded in May. New homes fell -0.67%m/m, against a -0.71% dip in May. Used home prices were down -0.85%m/m, versus -1.00% in May (per BBG).
- Both metrics saw the sharpest m/m falls in May going back to 2014, although we still some distance from returning to positive territory., see the chart below.
- In m/m terms, for new homes, 4 cities record a rise, 2 unchanged and 64 saw a decrease (this was 68 last month). For existing homes, 66 cities saw a fall (70 last month), while 4 saw an increase.
- In terms of the larger cities, in m/m terms for new homes, Shanghai saw a +0.4% gain for June (+0.6% in May), Beijing was -0.6% (-1.1% in May), Guangzhou was -1.2% (-1.4% in May) and Shenzhen -0.7%, same as May. In y/y terms, falls accelerated for Beijing, Guangzhou and Shenzhen, but remained positive for Shanghai.
- Beijing and Shanghai saw m/m rises for existing homes.
Fig 1: China House Prices (White Line - New, Orange Line - Existing)
Source: MNI - Market News/Bloomberg
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