Economic Indicators

China new home prices grow slightly faster in Oct, private survey shows

2024.10.31 21:41

BEIJING (Reuters) – Prices of new homes in China rose at a faster pace in October, traditionally a peak season for house hunting, a private survey showed on Friday, suggesting that recent support measures could be having some early impact in a crisis-hit market.

The average price across 100 cities edged up 0.29%, compared with the previous month’s 0.14%, according to data released by property researcher China Index Academy.

On a year-on-year basis, the average price rose 2.08% versus 1.85% growth in September.

The property market, once accounting for roughly a quarter of economic activity, is grappling with a prolonged downturn since 2021 and remains a major drag on the world’s second-largest economy.

Authorities rolled out a raft of property easing measures at the end of September, including a cut in the minimum down payment ratio to 15% for all housing categories and relaxation in home purchase restrictions.

The stimulus measures appear to have given a lift to the industry in some major cities. The survey showed mega city Shanghai recorded the largest month-on-month house price increase of 1.09%.

However, the small cities continue to languish, underscoring cautious buyer sentiment that has chilled the real estate market in recent years.

Average new home prices fell 0.02% from a month earlier in smaller cities last month, the China Index Academy data showed.

New homes sold by value fell 34.7% year-on-year in January-October, though they rose 10.53% in October, according to a separate survey released by the academy a day earlier.

© Reuters. FILE PHOTO: A man walks on a pedestrian bridge near residential buildings in Beijing, China October 17, 2024. REUTERS/Florence Lo/File Photo

“The surge in top-tier cities may merely be the result of pent-up demand in response to those easing measures. Such demand is unlikely to be sustainable, as evidenced by cases of short-lived recoveries over the past two years,” said economists at Nomura in a research note earlier this week.

“Ensuring the delivery of pre-sold homes is key to reversing the property slump, especially in low-tier cities … direct funding support from Beijing will be much more effective,” said Nomura.



Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 69,377.59 4.11%
ethereum
Ethereum (ETH) $ 2,503.38 5.75%
tether
Tether (USDT) $ 0.999445 0.05%
bnb
BNB (BNB) $ 579.15 2.27%
solana
Solana (SOL) $ 167.15 4.22%
usd-coin
USDC (USDC) $ 1.00 0.03%
xrp
XRP (XRP) $ 0.518915 0.53%
staked-ether
Lido Staked Ether (STETH) $ 2,503.26 5.73%
dogecoin
Dogecoin (DOGE) $ 0.158531 7.42%
tron
TRON (TRX) $ 0.168107 0.60%
the-open-network
Toncoin (TON) $ 4.85 2.48%
cardano
Cardano (ADA) $ 0.340148 5.06%
wrapped-steth
Wrapped stETH (WSTETH) $ 2,963.83 5.74%
shiba-inu
Shiba Inu (SHIB) $ 0.000018 5.85%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 69,233.55 4.24%
avalanche-2
Avalanche (AVAX) $ 24.86 4.65%
weth
WETH (WETH) $ 2,503.24 5.81%
chainlink
Chainlink (LINK) $ 11.40 7.74%
bitcoin-cash
Bitcoin Cash (BCH) $ 351.16 5.94%
polkadot
Polkadot (DOT) $ 3.95 5.58%
leo-token
LEO Token (LEO) $ 6.10 0.14%
sui
Sui (SUI) $ 1.98 4.13%
usds
USDS (USDS) $ 0.994211 0.52%
litecoin
Litecoin (LTC) $ 69.15 3.49%
near
NEAR Protocol (NEAR) $ 4.01 5.93%
aptos
Aptos (APT) $ 9.02 6.73%
uniswap
Uniswap (UNI) $ 7.73 3.26%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,631.88 5.81%
pepe
Pepe (PEPE) $ 0.000009 5.84%
internet-computer
Internet Computer (ICP) $ 7.88 2.70%
bittensor
Bittensor (TAO) $ 481.19 3.57%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.30 1.02%
dai
Dai (DAI) $ 1.00 0.03%
kaspa
Kaspa (KAS) $ 0.11514 1.93%
monero
Monero (XMR) $ 152.02 5.77%
ethereum-classic
Ethereum Classic (ETC) $ 18.54 4.38%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.08%
stellar
Stellar (XLM) $ 0.092114 2.04%
whitebit
WhiteBIT Coin (WBT) $ 18.75 0.26%
first-digital-usd
First Digital USD (FDUSD) $ 0.998196 0.14%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.318785 3.22%
blockstack
Stacks (STX) $ 1.62 6.08%
dogwifcoin
dogwifhat (WIF) $ 2.34 8.65%
okb
OKB (OKB) $ 38.17 2.55%
aave
Aave (AAVE) $ 143.58 7.19%
arbitrum
Arbitrum (ARB) $ 0.530271 3.80%
filecoin
Filecoin (FIL) $ 3.54 4.18%
optimism
Optimism (OP) $ 1.61 5.20%
crypto-com-chain
Cronos (CRO) $ 0.072977 2.35%
mantle
Mantle (MNT) $ 0.585703 2.65%