China’s First-tier Cities See Home Price Declines in September

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The latest official data for September points to a cooling of China’s housing markets, with month-on-month price declines for first-tier cities and continued easing of price growth in second and third-tier urban centres.

Housing price data just released by the National Bureau of Statistics for a total of 70 large and medium-sized cities indicate that new commercial residential property and pre-owned housing in China’s first-tier cities saw a month-on-month decline of 0.2% in September.

According to NBS September marks the 12th consecutive month that year-on-year price gains for first-tier city new commercial residential property and pre-owned homes have eased, with declines of 3.5 and 3.8 percentage points respectively compared to August.

In second-tier cities prices for new commercial residential property and pre-owned housing both saw month-on-month increases of 0.2%, while in third-tier cities the figures were 0.2% and 0.3% respectively.

Second-tier cities saw year-on-year price increases for new commercial residential property narrow for the 10th consecutive month, with a decline of 2.2 percentage points compared to August.

Year-on-year price increases for pre-owned housing eased for the 9th consecutive month, falling by 1.8 percentage points compared to August.

According to NBS this latest round of data indicates that that various property adjustment and control policies put in place by China’s local governments have proved effective at cooling down overheating real estate markets.

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