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China’s home prices up in fewer cities, mixed elsewhere

China’s new home price growth slowed in the month of June. That’s according to a report from the National Bureau of Statistics. It said there’s a mixed picture in different cities.

The report said home prices continued to rise in more cities in June on an annual basis. Prices rose in 57 cities - 7 more than in May - but fell in 12 and remain unchanged in one.

Shenzhen, Xiamen and Shanghai topped the list for price increases, with Shenzhen rising a whopping 47 percent from a year ago. But on a monthly basis, home prices increased in fewer cities.

Among the 70 cities examined in the home prices report, 55 reported price hikes. That was five cities less than a month ago.

Meanwhile, prices dropped in 10 cities, and remained unchanged in five. Hefei, the capital of Anhui Province, reported the highest monthly growth at nearly 5 percent. By contrast, price growth in such first-tier cities as Beijing and Shanghai changed little month on month.

“The growth rate of home prices has been slowing down. Home prices are rising, but the growth rate is decreasing. That is a clear situation. And I think this trend will continue in the later half of this year,” said Mo Tianquan, chairman of China Index Academy.

In the first six months, home prices diversified more in different cities. Analysts say that China’s second - and third-tier cities have gradually replaced the first-tier ones as the driving power behind home prices. However, the smaller cities are also facing large home inventories. The China Index Academy projects that the full-year home sales will increase between 13.3 to 15.3 percent this year.