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New home prices in China rose in 50 out of 70 cities on a month-on-month
basis in October, the National Bureau of Statistics reported Saturday, an
increase from the 44 cities reporting m/m rises in September and 46 in August.
New home prices, excluding subsidized housing, fell in 14 cities month on
month, down from 18 in September. Prices were unchanged in six cities, compared
with eight the month before, the NBS said.
On a year-on-year basis, new home prices rose in 60 cities, down from 67 in
September, helped by a favorable base effect.
Housing price growth decelerated in 25 of the 70 cities in October on a
month-on-month basis, compared with 38 in September. The cities showing
decelerating prices included one of the four Tier-1 cities, 11 of the 31 Tier-2
cities and 13 of the 35 Tier-3 cities, according to MNI calculations.
Housing price growth accelerated month-on-month in 39 cities compared with
30 in September. The growth remained the same in six cities, compared with two
On a year-on-year basis, housing price growth decelerated in 51 of the 70
cities in October compared with 49 in September. Price growth accelerated in 17
cities compared with 16 in the month-ago period. The y/y growth remained
unchanged in two cities, down from five in September.
Of the cities showing y/y price growth decelerations, three were in Tier-1
cities, 22 were in Tier-2 and 26 were in Tier-3 cities.
Numerous Chinese cities, mostly Tier-1 and Tier-2, have enacted new
restriction on the housing market since October last year to combat the sharp
rise in housing prices. The central government has also sought to tighten
regulation of property financing to limit housing speculation.
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