China’s new home prices advance higher, bolster economic rebound

August had seen China’s new home prices advancing faster than its usual monthly pace. This was mainly from signs of a rebound in consumer demand, supporting the emergence of the country’s economy from the coronavirus drag.  

Average new home prices in 70 major cities advanced 0.6% in August from a month earlier. The jump placed above the 0.5% growth seen in July, according to data released by the National Bureau of Statistics on Monday.

On a yearly basis, home prices recorded a 4.8% growth in August, expanding at the same speed recorded in July.

The property market stands as one of the critical indicators in China’s economic recovery, with home sales and investment’s expansion seen strengthening in recent months after coronavirus-related lockdowns were eased.