Average new home prices in China's 70 major cities dropped by 1.5 percent year-on-year in December 2022, after a 1.6 percent decline in the previous month which was the steepest pace since August 2015, amid a property downturn due to a mounting debt problem among developers as well as the impact of a surge in COVID cases. Among the Chinese biggest cities, prices fell in both Tianjin (-4.0% vs 4.0% in November) and Shenzhen (-0.2% after flat reading) while Chongqing saw a flat price following a 0.7 percent rise previously. Meantime, prices grew faster in Beijing (5.8% vs 5.7%), Shanghai (4.1% vs 4.0%), and Guangzhou (0.4% vs 0.2%).On a monthly basis, new home prices were down 0.2 percent in December, the same as in November, pointing to the fifth monthly decrease. The property sector is expected to recover gradually this year, supported by a series of measures for home buyers and developers on the back of Beijing's abrupt reopening.
. source: National Bureau of Statistics of China
Housing Index in China averaged 4.23 Percent from 2011 until 2022, reaching an all time high of 12.60 Percent in November of 2016 and a record low of -6.10 Percent in March of 2015. This page provides the latest reported value for - China Newly Built House Prices YoY Change - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. China Newly Built House Prices YoY Change - data, historical chart, forecasts and calendar of releases - was last updated on January of 2023.
Housing Index in China is expected to be -1.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the China Newly Built House Prices YoY Change is projected to trend around 2.70 percent in 2024 and 3.00 percent in 2025, according to our econometric models.