China new home prices fall 2.8% year on year in September, data show
China's new home prices in 70 major cities fell 2.8 per cent year on year in September, narrowing from August, according to Reuters calculations based on official data. Month on month, prices dipped 0.1 per cent, unchanged from the previous month. First-tier cities saw mixed results, with Shanghai r
New home prices in China's 70 major cities fell 2.8 per cent year on year in September, narrowing from a 3.0 per cent decline in August, according to Reuters calculations based on data released by the National Bureau of Statistics (NBS) on Monday. Month on month, prices dipped 0.1 per cent, unchanged from the previous month.
The NBS said prices of new commercial residential housing in first-tier cities rose 0.1 per cent month on month in September, the same pace as in August. Among them, Shanghai, Guangzhou and Shenzhen rose between 0.2 per cent and 0.3 per cent, while Beijing fell 0.2 per cent. Prices in second-tier cities were flat, while third-tier cities saw a decline of 0.2 per cent, unchanged from August.
Among the 70 cities tracked, 17 saw price increases in September, two more than in August, the bureau said.
Year on year, new home prices in first-tier cities fell 0.5 per cent in September, narrowing from a 0.9 per cent drop in August. Shenzhen, Guangzhou and Beijing fell between 1 per cent and 2.7 per cent, while Shanghai rose 2.8 per cent. Prices in second-tier and third-tier cities narrowed their year-on-year declines to 2.4 per cent and 3.9 per cent, respectively.