China new home prices in 70 major cities fell by 5.9% year-on-year in October 2024, widening slightly from a 5.8% decline in September.
China new home prices fall in October
This marked the 16th consecutive month of price drops and the sharpest annual decline since April 2015, despite ongoing government measures to support the struggling property sector, including lower mortgage rates and reduced home-buying costs. The downturn accelerated in most cities, with notable declines in Beijing (-4.9% vs. -4.6% in September), Guangzhou (-10.4% vs. -10.3%), Shenzhen (-8.1% vs. -8.6%), Tianjin (-2.8% vs. -2.3%), and Chongqing (-6.3% vs. -6.2%).
Prices increased in Shanghai
Conversely, prices in Shanghai continued to rise, reaching a 5.0% increase, up slightly from 4.9%. On a monthly basis, new home prices dipped by 0.5% in October, easing from the steeper 0.7% monthly declines seen in the prior five months.
