China: House prices decline softest drop in four months in October
November 18, 2014
House prices in 70 large and medium cities fell 0.8% in October over the previous month, according to a weighted average index calculated by Thomson Reuters from data issued by the National Bureau of Statistics (NBS). October’s drop was up from the 1.0% decline recorded in the previous month and marked the softest decline since June. According to the NBS, the sales prices of newly constructed residential buildings declined in 69 cities and that of 1 city remained at the same level.
On an annual basis, house prices declined 2.6%, which followed the 1.3% drop tallied in September 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 September’s 6.1% to 5.1% in October, which represented the lowest point in one year.