China Sees Largest Drop in New Home Prices in Ten Months
London, 23 February 2024
In January 2024, China's new home prices fell by 0.7% year over year, which was a greater loss than the 0.4% drop the previous month.
The decline was the highest since March 2023 and has been going on for seven straight months, even as Beijing increased its efforts to lessen the effects of a protracted real estate market slump and a thin economic recovery.
While prices moderated in Beijing (1.3% vs 1.7%), Chongqing (2.0% vs 2.0%), Shanghai (4.2% vs 4.5%), Tianjin (2.1% vs 2.3%), and Shenzhen (-4.1% vs -3.6% in December), prices decreased at quicker rates in Guangzhou (-3.6% vs -3.0%).
January saw a 0.3% monthly decline in new home prices, following a 0.4% decline in December that was the largest decline since February 2015. Source: Trading Economics