China Housing Index

China’s new home prices in 70 cities declined by 5.9% year-on-year in October 2024, following a 5.8% drop in the previous month. This marked the 16th consecutive month of decrease and the steepest pace since April 2015, despite Beijing’s continuous efforts to mitigate the impact of persistent weakness in the property sector, including lowering mortgage rates and cutting home buying costs. Prices dropped at steeper rates in most cities, such as Beijing (-4.9% vs -4.6% in September), Guangzhou (-10.4% vs -10.3%), Shenzhen (-8.1% vs -8.6%), Tianjin (-2.8% vs -2.3%), and Chongqing (-6.3% vs -6.2%). On the other hand, cost continued to increase in Shanghai (5.0% vs 4.9%). Monthly, new home prices dropped by 0.5% in October, softer than a 0.7% fall in the prior five months.