New home prices in China rise from last month in 24 cities: Chinese report

China's National Bureau of Statistics recently released housing price trends for March. Transactions in the housing market are brisk, with an increasing number of cities among the 70 major cities seeing increases in housing prices compared to the previous month.
New home prices in first-tier cities rose 0.1% month-on-month, unchanged from the previous month. Shanghai rose 0.7% and Shenzhen rose 0.1%. Beijing fell 0.2%, and Guangzhou
In first-tier cities, second-hand home prices rose 0.2% year-on-year. Beijing rose 0.5%, Shanghai rose 0.4%, and Shenzhen rose 0.3%. Guangzhou fell 0.2%.
New home prices in second-tier cities remained stable. Used home prices fell 0.2%, a 0.2 percentage point decrease from the previous month.
New home prices in third-tier cities fell 0.2% year-on-year, a 0.2 percentage point decrease from the previous month.
Home prices fell 0.3%, a decline of 0.1 percentage points smaller than the previous month. In March, of the 70 major cities, 24 saw new home prices rise from the previous month, an increase of 6 from the previous month.
The number of cities where used home prices rose from the previous month increased by 7 to 10. On the other hand, when looking at the home prices in each city compared to the same month last year, the new home prices in "first-tier cities" increased by 2.
This was an 8% drop, a 0.2 percentage point decrease from the previous month. Tier 2 cities were down 4.4% and Tier 3 cities were down 5.7%.
In addition, second-hand home prices in first-tier cities fell 4.1%, a decrease of 0.8 percentage points from the previous month.
Second-tier cities fell 7.0%, and third-tier cities fell 7.8%.