Both new and pre-owned housing prices in China’s first-tier cities saw month-on-month declines in September, while price growth eased in the country’s second and third-tier cities.
The four first-tier cities out of the 70 urban centres monitored by China’s National Bureau of Statistics saw new commercial housing prices decline by 0.1% in September compared to the preceding month, as compared to a 0.3% month-on-month rise in August.
Pre-owned housing sales prices posted a 0.1% on-month decline in September, in line with the reading for the previous month.
New commercial housing prices and pre-owned housing prices rose by 1.1% and 0.8% month-on-month respectively across 31 second-tier cities monitored, for decelerations of 0.2 and 0.5 percentage points compared to August.
New housing prices and pre-owned housing prices rose by 0.9% and 0.8% in the 35 third-tier cities monitored, for decelerations of 1.1 and 0.6 percentage points respectively.
Liu Jianwei (刘建伟), a senior statistician with NBS, said that China’s real estate markets continued to see stable and healthy development as result of the ongoing maintenance of property market control targets, as well as the tailored policies implemented by the country’s municipal authorities.
Year-on-year gains in housing prices slowed for both new and pre-owned homes in first-tier cities.
New housing prices in first-tier cities saw a YoY gain of 1.1% in September, for a deceleration of 0.4 percentage points compared to the same month of 2017.
Pre-owned home prices rose by 1.3% YoY in September, for a deceleration of 2.5 percentage points compared to the same month last year.
In second and third-tier cities, however, new housing prices saw YoY gains of 9.6% and 9.1% respectively in September, for accelerations of 4.0 and 1.2 percentage points compared to the same month of 2017.