On a year-on-year basis, home prices grew by nearly 24 percent during the reported period, according to a report from Magicbricks.
The average home price in India rose 23% from a year earlier to Rs 1.23 crore in the April-September period, even as the number of home sales fell by 3% to 2.27 lakh.
The average house price in top seven cities, including the capital New Delhi and Mumbai, climbed 23% from a year earlier to Rs 1.23 crore during April-September, Mumbai-based ANAROCK said in a report on Wednesday.
Barely dented by the Reserve Bank of India's 2-1/2 percentage points of interest rate rises from May 2022 to February 2023, the housing market has powered along with Asia's No. 3 economy, the fastest growing amongst major peers.
A surge in savings and minimal income disruption to cash-rich home buyers during the pandemic led to a rise in demand that has made the market more resilient to interest rates than initially expected.
A lack of demand has kept India's property market relatively quiet during the pandemic compared with other world markets that rocketed higher as households scrambled to buy more living space. Those markets are now cooling.
Real estate experts feel that home prices have bottomed out and they are likely to move higher in the new financial year. They say that this could be one of the best times to buy your home since loan rates, too, are attractive.
Home prices might not witness any major correction in 2017. In fact, they might see an upward move going forward. However, homebuyers can get good deals in the next few months as the industry grapples with the hangover of demonetisation.
In an interview to Moneycontrol, Amitava Mehra, CEO, IMGC, says he expects Finance Ministry Arun Jaitley to take measures to boost home sales.
Rise in home prices "moderating significantly" in 2015-16 and there is no threat of any systemic risk from the housing sector with the gross NPAs among retail loans being contained, the RBI said on June 28
The bulk of WL Ross & Co.'s business in the UK is in mortgage lending. Ross sees a home price collapse hitting older Britons particularly hard. Older people are skewing to vote to leave the EU in Thursday's referendum, according to polls.
The southern city of Shenzhen continued to be the top performer, with home prices surging 61.6 percent from a year ago, followed by Shanghai with a 25 percent gain.
Home prices in the city, China's biggest financial hub, climbed 3.6 percent in February from the previous month, according to a survey by CRIC, extending the 17.5 percent annual gain it recorded in January, which was seven times faster than the country as a whole.
The S&P/Case Shiller composite index of 20 metropolitan areas gained 5.5 percent in September on a year-over-year basis compared with 5.1 percent in the year to August.
Mistry says the RBI may have leeway to cut interest rates by 50-75 basis points over the next one year, but much will also depend on how global events play out.
Property consultant JLL India has advised homebuyers to avoid certain locations, including Noida Extension, in Delhi-NCR real estate market due to delays in projects delivery, oversupply, speculation and lack of infrastructure.
Hong Kong`s home prices have more than doubled since 2008, driven higher by a flood of cheap money from developed markets` central banks in the wake of the global financial crisis.
US stocks rose on Tuesday, putting the S&P 500 within striking distance of its all-time high, as strong data on home prices pointed to an economy that was improving, albeit slowly.
Higher home prices are making for slightly happier consumers, a trend that is helping holiday sales and other consumer-driven parts of the economy, while business sits on the sidelines, worrying about the "fiscal cliff."
US consumer confidence rose to a seven-month high, while home prices posted their biggest annual rise since August 2010, highlighting bright spots in an otherwise sluggish economic recovery.
China's home prices rose 0.1% in July from June, a second month of modest uptick that raises the risk Beijing may seek to bolster a two-year campaign to curb housing inflation but which also weighs on the wider economy.