New Home Prices Rise Across China After Stagnating in February
China is showing signs of recovery after the lockdown over the coronavirus outbreak earlier this year, with new home prices increasing during the month of March after holding steady in the previous month. According to data released by the NBS, new home prices across 70 major Chinese cities rose by 0.1% MoM in March after stagnating for the first time in five years during February.
On an annual basis, average new home prices were up by 5.3% in March, the slowest pace of increase seen in nearly two years. In February, new home prices had risen by 5.8% YoY in comparison.
While home prices were rising across 38 cities in the country, they remained steady in Wuhan, the original epicenter of the coronavirus outbreak, where no sale of new homes took place during March. Real estate developers expressed optimism, indicating that home sales could return to normal levels by April.
However, consumers still appear cautious about their spending plans in the wake of the prolonged shutdowns across several regions in China that site spurred a rise in unemployment. There are also lingering worries about a second outbreak of cases, especially among travelers returning to China that are keeping consumers on edge.
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