NEW home prices in China accelerated to their fastest pace in almost two years in June, with buyer demand in bigger cities resilient in the face of fresh curbs against speculation, a sign more restrictions may be needed.

Average new home prices in China’s 70 major cities rose 1 percent in June from a month earlier, higher than the previous month’s reading of 0.7 percent, according to media calculations based on an official survey yesterday.

The monthly growth was the highest since October 2016, calculations showed, and marks 38 straight months of price gains.

The majority of the 70 cities surveyed by the National Bureau of Statistics (NBS) still reported a monthly price increase for new homes. Sixty-three cities reported higher prices in June, up from 61 in May.

Compared with a year ago, new home prices rose 5 percent, quickening from May’s 4.7-percent gain, according to data issued by the NBS.

China’s 31 tier-two cities — which comprise sizeable provincial capitals — led the rally, with prices up 1.2 percent in June from a month ago, the bureau said in a statement accompanying the data.

Haikou, a port city and the capital of China’s island province Hainan, was the top performer, rising 3.9 percent month on month. Price growth in Jinan, the capital of Shandong Province, came second at 3.6 percent, NBS data showed.

Meanwhile, price gains widened in China’s four biggest cities of Beijing, Shanghai, Shenzhen and Guangzhou, which posted an average monthly price increase of 0.6 percent, compared to 0.3 percent in May.(SD-Agencies)