China Housing September 2020


China: Growth in house prices decelerates in September

October 20, 2020

House prices in 70 large- and medium-sized cities increased 0.4% in September in month-on-month terms according to a weighted average index calculated by Refinitiv from data issued by the National Bureau of Statistics (NBS). The print was below the 0.6% rise in August. According to the NBS, the sale price of newly constructed residential buildings increased in 55 of the 70 cities (59 in August).

House prices increased 4.6% annually in September, below the 4.8% rise in August. Annual average growth in house prices fell from 6.0% in August to 5.7% in September.

Putting July’s reading in context, Ting Lu, Lisheng Wang and Jing Wang, economists at Nomura, noted:

“Beijing’s tougher stance on the property sector, including restrictive measures by some local housing authorities and a tightening of property financing, may have started to weigh on property markets. However, as China has not yet fully recovered from the pandemic, we believe Beijing cannot afford to over-tighten property sector policies.”


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China Housing Chart

China House Prices September 20 20 0

Note: Month-on-month changes of the price index of newly constructed residential buildings in 70 large and medium cities and year-on-year variation in %. The index is calculated as a weighted average based on the population of the 70 cities.
Source: National Bureau of Statistics of China (NBS) and Refinitiv.

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