China's frozen property market is showing signs of a thaw. Sales took off in the second half of June and prices are rising for the first time in months.

Real estate developers will no doubt be heaving sighs of relief. The weakness of sales over the last two years has left them with large quantities of unsold property. If sales continue on their upward trend, developers will finally be able to start selling this unwanted inventory.

But the warming market will be eliciting sighs of anxiety among prospective homebuyers. Before, they were wondering how much further prices might fall. Many are starting to wonder whether they should buy now, before prices rise too far. Rising prices can have a momentum of their own. In turn, a sustained pickup in purchases could lead to a new round of construction activity as developers start to anticipate stronger demand a year or two ahead.