China: Housing market loses further steam in October
House prices in 70 large- and medium-sized cities were down 0.2% month-on-month in October, according to a weighted average index calculated by Refinitiv from data issued by the National Bureau of Statistics (NBS). The print was down from September’s flat reading.
House prices increased 3.4% annually in October, down from September’s 3.8% increase. Annual average growth in house prices was unchanged at 4.3%. The decelerating housing market in recent months has likely been driven by the government’s measures aimed at boosting housing affordability and limiting speculation in the sector, and housing market momentum is set to remain soft ahead.