China's real estate sector saw positive signs in November as new home prices rose monthly in an increasing number of surveyed cities.
Of 70 large and medium-sized cities surveyed in November, new home prices climbed month on month in 33, up from 27 in the previous month, the National Bureau of Statistics (NBS) said Friday.
Meanwhile, 27 reported month-on-month price declines, down from 33 in October, according to NBS data.
On a yearly basis, China's housing market continued to warm in November, with 21 cities posting new home price increases, up from October's 16.
New home prices surged 44.6 percent year on year in Shenzhen City, the sharpest increase last month among the country's major cities.
Prices for existing homes remained weak in November, but better than October as 16 cities reported month-on-month declines, down from 23 in October. A total of 40 cities saw price increases, compared with 38 in the previous month.
"The home price rises show policy effects have sunk in," said NBS statistician Liu Jianwei.
The central government has introduced several preferential policies including interest rate cuts and eased down payment requirements to prop up the property market.
Home prices in top-tier cities and second-tier cities expanded their increases month on month in November, while prices held steady in third-tier cities.
China's housing market took a downturn in 2014 due to weak demand and a supply glut. The cooling has continued into 2015, with both sales and prices falling and investment slowing.
To combat the housing market weakness and a broader economic slowdown, China's central bank has cut benchmark interest rates five times since last November and lowered banks' reserve requirement ratio three times since February.
The country also lowered down payment requirements for second-home purchases and some local governments have rolled back restrictions on home purchases.
Thanks to supportive measures, China's housing sector saw recovery in summer and autumn with improving home prices.
