(Yicai) Nov. 4 -- China’s real estate market achieved year-on-year growth in October for the first time since February, bolstered by a raft of recently introduced supporting measures, according to the latest data.

Sales of newly built and pre-owned homes climbed 3.9 percent in October from the same period last year, ending a decline that had lasted since February, according to statistics released by the Ministry of Housing and Urban-Rural Development on Nov. 1.

Online sales transactions of new homes increased from the month before for the first time in 15 months, surging 6.7 percent. While that of pre-owned homes, which has advanced on a monthly basis for the past seven months, soared 8.9 percent.

Sales in China’s first-tier cities, namely Beijing, Shanghai, Shenzhen and Guangzhou, were particularly encouraging last month. Online sales of new builds surged 14.1 percent while that of second-hand homes soared 47.3 percent.

In the past month, the country’s housing ministry, finance ministry, central bank and other government agencies have rolled out a series of measures to boost the property market. These included slashing the benchmark interest rate to a five-year low and trimming existing mortgage rates. These policies are expected to benefit around 50 million households and result in savings of about CNY150 billion (USD21.1 billion) per year.

Local governments have also been lifting real estate curbs. Over 300 provincial-level regions and cities have released around 700 policies this year, making regulation in the property sector even more relaxed than during the previous easing cycle, according to data from the China Index Academy.

However, the amount of real estate on the market is still at a historical high and more measures need to be introduced this quarter to rebalance supply and demand and stabilize housing prices, industry insiders told Yicai.

In the two weeks ended Oct. 20, only two out of 90 cities polled reported an increase in property prices. Shenzhen logged a gain of 0.2 percent and Chengdu 0.32 percent while the prices in the other 88 cities continued to tumble, according to data from a third-party institution.

A sustained increase in sales volume often leads to price increases, Feng Bo, deputy director at Chengdu’s urban construction and development research institute, told Yicai. Last month, there were strong signs that the decline in the new housing market is halting. But it will still take time for this turning point to become a definite trend, he added.

Editors: Shi Yi, Kim Taylor