China home price growth rose to record level in August, led by Shanghai
National Bureau of Statistics data shows broad-based acceleration in new home prices in August
China home price growth climbed last month to its highest level since a key index tracking the market began in January 2011, putting pressure on more cities to introduce cooling measures to curb demand.
Of the 70 cities surveyed in August, 64 saw average prices rise month-on-month, up from 51 in the previous month, the National Bureau of Statistics (NBS) said. Four cities reported a decline in new home prices from a month earlier, down from 16 in July, while two cities reported no change in average prices.
The cost of new homes in Shanghai registered the largest gain, a 5.2 per cent increase in August, compared to a 1.4 per cent rise in July, according to NBS.
“NBS 70- city housing price data suggested average price inflation continued to accelerate, and was at a record high level in August since the series started in January 2011,” Goldman Sachs said in a note.
Housing prices in the primary market increased 1.6 per cent month-on-month after seasonal adjustment (weighted by population) in August, higher than the growth rate in July, Goldman Sachs said.
On an annual basis, housing prices in the 70 cities were up 9.7 per cent last month.