China's housing market cools in March: report

BEIJING - China's housing market showed signs of cooling down in March, data from a recent report showed.

An index indicating the search for housing nationwide dropped 11.8 percent in March from a month earlier, according to a report jointly released by online marketplace 58.com and housing information platform anjuke.com.

Specifically, the index for first-tier cities declined 9.8 percent from February, while that for second-tier cities decreased 11.8 percent, the report noted, adding that third- and fourth-tier cities saw a 13.4-percent decline.

New housing prices in 65 major cities averaged 17,547 yuan ($2,756.7) per square meter last month, down 0.08 percent month on month, according to the report's online monitoring results.

The report also showed that prices of second-hand houses in 65 major cities eased 0.22 percent month on month to 16,921 yuan per square meter.