New home sales in 54 Chinese cities surged 30.6 percent month-on-month in November according to research institution Centaline, a national house brokerage.

The real estate consultancy said 236,295 new homes were sold in the first 25 days of November, surging to a two-year high.

In the first three weeks of November, newly-added homes climbed to 6.41 million square meters, in 22 cities, far higher than the 4.58 million square meters added in October.

However, real estate developers have not rushed to purchase more land based on existing housing inventory, according to the Beijing-based Caixin.com. Ten major real estate developers spent 11 billion yuan ($1.77 billion) on land purchases, a significant decline from 23.4 billion yuan in October.

Centaline added that as the end of the year approaches, local governments are expected to put more land on the market. For the first 22 days of November, cities such as Wuhan, Tianjin and Changsha have added the highest volumes of land to the market among 13 cities, it said.

Land prices in China’s 10 major cities rose 10.8 percent in October compared with the same period last year, the first positive yearly growth in 14 months, according to a research report published by E-House China, a Shanghai-based property research institute.

The average home prices in 100 Chinese cities rose for the fifth straight month in October, suggesting that property prices have bottomed out.