China Housing Data Rises for First time in 12 Months

The price of new homes in China fell 5.7 percent year-on-year in May, the country’s National Bureau of Statistics reported on Thursday, but reversed month-on-month declines for the first time in more than a year.

Prices rose by 0.2 per cent month-on-month, the first positive reading since April 2014, with a broad pick-up in month-on-month gains across China’s 70 major cities.
The May year-on-year fall was also slightly less steep than in April, when prices were down 6.1 percent by the same measure. Prices were down 2.3 per cent in Shanghai and Beijing in May, compared with 4.7 percent and 3.2 percent respectively a month earlier.

Among the 70 cities, Shenzhen was the top performer, recording the second consecutive month of year-on-year rebound, up 7.5 percent following a 0.7 percent rise. New home prices in Shenzhen rose 6.6 percent in May from April.

via CNBC

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza