China: Decline in house prices continues to ease in November
December 18, 2014
House prices in 70 large and medium cities fell 0.5% in November over the previous month, according to a weighted average index calculated by Thomson Reuters from data issued by the National Bureau of Statistics (NBS). November’s drop was up from the 0.8% decline recorded in the previous month and marked the softest contraction since June. According to the NBS, the sales prices of newly constructed residential buildings declined in 67 cities and that of 3 cities remained flat.
On an annual basis, house prices declined 3.7%, which followed the 2.6% drop tallied in October and marked the lowest print on record. As a result of the continued downward trend in house prices, annual average variation in house prices slowed from October’s 5.1% to 4.0% in November, which represented the lowest print since September 2013.