In March this year, of 70 major Chinese cities surveyed, eight cities witnessed lower new house prices, with 62 cities seeing higher prices, all compared to February this year, according to data released by China's National Bureau of Statistics (NBS). Based on the NBS data, the biggest month-on month decrease in new house prices in Chinese cities in March this year was 0.7 percent and the biggest month-on-month increase was 5.4 percent.
On the other hand, on year-on-year basis, in March this year 29 cities saw lower new house prices, while 40 seeing higher new house prices. The biggest year-on-year decrease in new house prices in Chinese cities in March was 3.8 percent, while the biggest year-on-year increase was 62.5 percent.
As regards the second-hand house market in China, in March this year 13 cities saw month-on-month decreases in prices, 54 cities saw month-on-month rises in prices, while prices in the remaining three cities remained unchanged. The biggest month-on-month increase in second-hand house prices in Chinese cities in March was 9.3 percent, while the biggest month-on-month decrease was 0.7 percent.
On year-on-year basis, in the second-hand house market in March this year 23 cities witnessed lower prices and 46 cities saw higher prices, while the average price in the one remaining city was unchanged. The highest year-on-year increase in second-hand house prices in Chinese cities in March was 60.5 percent and the biggest year-on-year decrease was 7.3 percent.