The March NBS data for house prices (new homes) in 70 major cities shows the non-weighted average Y/Y growth turned less negative -1.35% vs -1.86% in February, with M/M growth accelerating to +0.44% vs +0.30% in February.

The number of cities with positive M/M price growth increased further from 55 to 64.

At the city level:
 
- Wuhan (+1.3%), Kunming, Xuzhou, and Zunyi are top performers m/m
- Chengdu (+8.5%), Hangzhou, Beijing, and Shanghai are top performers y/y
- Zhengzhou (160 bps), Wuhan, Zhanjiang, Kunming, and Beihai improved the most y/y 
- Shenzhen (-40 bps), Mudanjiang, Hangzhou, Jinhua, and Ganzhou deteriorated the most y/y

From our Data Update published earlier today, with the latest NBS data released on Saturday.