Decline in China’s housing prices narrows in November

The commodity housing prices saw an obviously narrowing decline in all tiers of cities across China in November, according to data released by the National Bureau of Statistics on Monday.

The data shows that in November, the sales prices of newly built commodity housing in China’s first-tier cities remained flat, compared with a 0.2-percent monthly decline in the previous month. Among them, the prices in Shanghai and Shenzhen increased by 0.6 and 0.3 percent respectively, while Beijing and Guangzhou saw a decline of 0.5 and 0.3 percent, respectively.

The sales prices of previously-owned residential properties in first-tier cities rose 0.4 percent month on month, with that of Beijing, Shanghai and Shenzhen rising 0.9 percent, 0.4 percent and 0.5 percent, respectively.

In November, the sales prices of newly built commodity housing in second-tier cities fell by 0.1 percent month on month, narrowing from a 0.5-percent decrease in the previous month; the sales prices of pre-owned residential properties fell by 0.2 percent month on month.

The sales price of newly built commodity housing in third-tier cities fell by 0.3 percent month o -month, and that of pre-owned residential properties fell by 0.5 percent month on month.

Among the 70 large and medium-sized cities across China, 17 saw an monthly increase in the sales prices of newly built commodity housing, 10 more than in the previous month; 10 cities saw an increase in the prices of pre-owned housing, two more than in the previous month.

On a yearly basis, the sales price of newly built commodity housing in first-tier cities fell by 4.3 percent year on year, with the decline narrowing by 0.3 percentage points from the previous month. Among them, the prices of Beijing, Guangzhou and Shenzhen fell by 5.3 percent, 9.9 percent and 7.1 percent respectively, while that of Shanghai rose by 5 percent.

The sales price of pre-owned properties in first-tier cities fell by 8 percent year on year, with the decline narrowing by 1.6 percentage points. Among them, Beijing, Shanghai, Guangzhou and Shenzhen fell by 6.2 percent, 4.9 percent, 11.9 percent and 9 percent, respectively.

In November, the sales price of newly built commodity housing in second-tier cities fell by 5.8 percent year on year, and that of pre-owned properties saw a yearly decline of 8.4 percent.

The sales price of newly built commodity housing in third-tier cities fell by 6.5 percent year on year, and that of pre-owned properties fell by 8.8 percent.