China reports uptick in home sales

A prospective homebuyer looks at a property model during an expo in Shenzhen, Guangdong province. （CHINA DAILY）

The total transaction volume of China's new and second-hand homes recorded its first increase in October after an eight-month decline, the Ministry of Housing and Urban-Rural Development said on Friday.

The nationwide sales volume of new homes rose 0.9 percent year-on-year in October, an improvement of 12.5 percentage points from September, according to the ministry's data. The increase marks the first positive growth in the new housing sector after 15 consecutive months of decline since June last year.

In addition, the transaction volume for second-hand homes also grew by 8.9 percent year-on-year, extending its growth streak to seven months.

Overall, the combined transaction volumes of new and second-hand homes increased by 3.9 percent year-on-year in October, marking a significant turnaround following eight months of consistent decrease since February, the ministry said.