Home prices drop for second consecutive week

It's the first instance this 2015.

It has been noted that home prices reflected the immediate effect of HKMA’s mortgage tightening measure announced on February 27 as home prices dropped for the second consecutive week.

According to a research note from Barclays, this is the first instance that had happened in 2015 so far.

After seeing 0.5% w/w decline in the week before, CCL index continued to drop with a sharp fall of 1.1% this week, which almost gave back all the 1.9% gain two weeks before.

Here's more from Barclays:

Year-to-date, the home price index is up 5.7% at a reading of 140.04. CCL (small/medium) underperformed the CCL (large) as the former fell 1.2% while the latter 0.6% w/w.

Split by district, New Territories West, Kowloon and New Territories East all recorded a noticeable fall of 2.3%, 1.7% and 0.9% w/w, while Hong Kong Island saw a milder decline of 0.1% only.