China Housing Index

China’s new home prices in 70 cities shrank by 5.7% year-on-year in November 2024, following the steepest decline in over nine years of 5.9% in the previous month. This marked the 17th consecutive month of decreases, suggesting that Beijing’s continuous attempts to mitigate the prolonged downturn in the property sector, such as reducing mortgage rates and slashing home buying costs, had yet to reverse conditions. Prices continued to drop in most cities, including Beijing (-5.3% vs -4.9% in October), Guangzhou (-9.1% vs -10.4%), Shenzhen (-7.1% vs -8.1%), Tianjin (-2.9% vs -2.8%), and Chongqing (-5.8% vs -6.3%). On the other hand, cost increased further in Shanghai (5.0% vs 5.0%). On a monthly basis, new home prices dropped by 0.5%, the same decline as in October, maintaining the slowest fall in seven months.