Housing Prices in China's Major Cities Show Slower Decline in November

In November, housing prices in major cities in China showed a slower decline as the effects of government support measures for the real estate sector began to manifest. According to calculations based on data released by the National Bureau of Statistics, the average housing prices in 70 surveyed cities decreased by 0.2% in November compared to the previous month, compared to a 0.51% decline recorded in October. In October, 63 cities reported a decline in monthly prices, while last month, 49 cities reported such a decrease.

On a year-over-year basis, the average housing prices in these major cities fell by 6.1% in November, showing a slight improvement compared to a 6.2% decline recorded in October. Out of the 70 cities, 67 reported no change compared to October, indicating a year-on-year price decline.