Home sales in China rise for the first time in 20 months, which reflects a recovery in demand, Invest-Gate reports.

Sales of homes achieved by 100 developers jumped 14.9% YoY to ¥461.6 bn ($67 bn) in February 2023.

This is the first annual increase in home sales since June 2021.

A Bloomberg index tracking 33 major Chinese builders inched up 2% in opening transactions.

China changes its policies to help the real estate industry including easing financing for developers and taking steps to revive homebuyer demand.

“Initial signs have emerged that the home market may be rising again. Whether the recovery can sustain in March depends on homebuyers’ purchasing power,” Yang Kewei, Chief Analyst at China Real Estate Information, comments.