China March new home prices rise at fastest pace since June 2021

April 15, 2023 09:49 AM HKT | By Reuters
Image source: Reuters

BEIJING (Reuters) - China's new home prices rose at the fastest pace since June 2021 in March, official data showed on Saturday, as continued government policy support helped prop up demand amid a broader push for an economic recovery.

New home prices in March edged up 0.5% month-on-month compared with a 0.3% rise in February, according to Reuters calculations based on National Bureau of Statistics (NBS) data released on Saturday.

Prices fell 0.8% year-on-year, down on an annual basis for the 11th straight month. Prices were down 1.2% in February in annual terms.

Major cities have seen a rebound in home sales over the past month, thanks to pent-up demand after China scrapped tough COVID curbs in December. But questions remain over the strength of the post-COVID recovery.

(Reporting by Qiaoyi Li, Liangping Gao and Ryan Woo; Editing by Christian Schmollinger)

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