DeepDive: Data Dump June 2024

In this Data Dump, we delve into China’s latest macro-economic data, with a special focus on the consumer and the housing market. While home sales jumped in the second half of June, we think this should be taken with a pinch of salt for now, as much of the increase may have been due to seasonal factors. Our Data Dump has more.

New home sales jumped in June, particularly in the second half, based on high-frequency data from 20 major cities, making last month the strongest month so far this year in terms of sales by floor area. The increase was broad-based, with all three tier cities posting strong sequential gains.

While we do not rule out the possibility that the increase was at least partly driven by further easing measures in the housing market in May, we think the data should be taken with a pinch of salt for now. There are signs that the jump may have been largely due to seasonal factors, as sales have tended to climb throughout June to end the month on a high note in recent years.