In the month of February, the home building materials market experienced its weakest performance in three years. According to the Building Materials and Home Climate Index (BHI), the period from January to February is considered the “ice valley,†while March and April mark a rapid recovery phase. However, the trend begins to decline again after May.
"In January and February, apart from the New Year holiday, sales were boosted by some early spring promotions. But for most of the time, there were no major holidays or events, so sales remained stagnant," said Mr. Cao, a floor distributor in Nanjing. The BHI data supports this, showing that the index dropped to 77.90 in February, the lowest since the index was established. This decline was largely due to the Spring Festival, which caused many building materials and home furnishing stores across the country to close or reduce operations, leading to a significant drop in economic activity.
March brought a noticeable rebound in the market. The BHI increased by 9.78% compared to the previous month, and in April, it rose even more sharply by 26.25%. These two months marked the peak of the home market in the first half of the year.
"March was the first month where the home market stopped declining. Some families were in the preparation stage for renovation, but they hadn’t started purchasing yet. By April, the renovation season had truly kicked off, which led to a sharp increase in demand," explained Qu Zhi, secretary-general of the Nanjing Decorative Materials Trade Association. He also noted that the strong performance in March and April was partly due to the release of real estate demand, influenced by recent property control policies.
However, May did not meet expectations. Although the BHI rose slightly to 109.11, up just 1.17 points from April, it fell 1.37 points compared to the same period last year. "Initially, many buyers were optimistic about May, with the manager’s confidence index reaching 191.16, suggesting a sharp rise. But the actual increase was much smaller than expected," said Qin Zhanxue, executive vice president of the China Building Materials Circulation Association. This suggests that the housing market's release is nearing its end, and the initial surge may be fading.
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