Buyers move in as no further tightening measures announced
Home prices in a majority of major cities increased for the sixth consecutive month in November amid rising market expectations.
The China Index Academy, a property research body, reported on Monday the average price of new homes in 100 monitored cities increased 0.26 percent monthly in November to 8,791 yuan ($1,395) per square meter. A rise of 0.17 percent was recorded in October.
Sixty of the 100 cities saw a rise in property prices, up from 56 in October. But 38 cities experienced a fall, down from October's 42.
In 10 major cities, including Beijing and Shanghai, prices rose, reversing an 11-month decline.
Their month-on-month growth rate hit 0.39 percent in November, 0.13 of a percentage point higher than the national average.
HomeLink, a real estate agency, attributed the price increases to a rebound in market expectations.
"Potential homebuyers are giving up their wait-and-see approach since they learned from the National Congress of the Communist Party of China that no new measures will be introduced to lower prices," said Chang Qing, a HomeLink analyst.
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