China’s new home prices rose in March at the fastest pace in 21 months, official data showed on Saturday, suggesting the market is out of the doldrums amid a flurry of support policies, but there is uncertainty on the strength of the momentum, reports Reuters. New home prices in March edged up 0.5% month-on-month after a 0.3% rise in February, marking the fastest pace since June 2021 and the third consecutive monthly rise, according to Reuters calculations based on National Bureau of Statistics (NBS) data.
Prices in annual terms showed the smallest drop since June 2022, down 0.8% in March after a 1.2% decline in February, the 11th month of declines on an annual basis.
“The housing price index shows a trend of stabilization and recovery, fully indicating the overall real estate is out of last year’s trough,” said Yan Yuejin, an analyst at the Shanghai-based E-house China Research and Development Institution.
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