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IPFS News Link • China

China Home Prices Drop For The First Time Since 2015 As Existing Home Sales Crash 63%

•, by Tyler Durden

Overnight, China's National Bureau of Statistics reported that China's home prices fell for the first time in six years as the property slump deepens in the world's second-largest economy. New-home prices in 70 cities, excluding state-subsidized housing, slid 0.08% in September from August, the first drop since April 2015. Values in the secondary market declined 0.19%, down for a second month.

Some more details from Goldman:

Average housing prices in the primary market edged down 0.5% mom annualized in September, the first sequential decline since April 2015. Property prices in tier 1 cities rose 1.3% mom annualized in September after seasonal adjustments, moderating from 3.2% in August. Price appreciation in tier 2 cities also slowed to 1.9% mom annualized in September from 5.8% in August.