Chinese home price data for June out over the weekend, from the National Bureau of Statistics:
- New home prices rose in 27 of 70 cities month-on-month (vs. 20 in May) ... on a year-on-year basis new-home prices fell in 68 cities in June (69 in May)
- Prices fell in 33 cities (vs. 41 in May) ... remaining 10, unchanged
- June home prices +0.4% m/m (+0.2% prior), -4.9% y/y (10th straight y/y fall, but slower than the -5.7% y/y in May)
- The NBS said "The trend of polarization is still evident among different cities", demand is robust in first-tier cities, smaller cities not so much
- Existing-home prices rose in 42 in June (37 in May), Saturday's data showed.
Interest rate cuts are being cited as a factor in the m/m improvement. There have been 4 since November of 2014.
