Dec 19, 2019 (China Knowledge) - There are more and more cities in China seeing a fall in housing prices.
On Dec 16, the National Bureau of Statistics released that in Nov this year, only 44 in 70 large and medium-sized cities saw a rise in house prices. This is compared to 50 cities in Oct. The number of cities with falling housing prices also rose to 21 in Nov, the highest so far this year.
Yinchuan City and Tangshan City saw the greatest rise in housing prices at 1.9%, followed by Beijing, whose housing prices rose by 1.7%. The top ten cities are Yinchuan City, Tangshan City, Beijing, Jinzhou City, Hohhot City, Xining City, Lanzhou City, Changchun City, Qinhuangdao City, and Wuhan City. Among them, Xining, Hohhot, Nanning, Tangshan, and Changchun all appeared in the top ten list of housing price increases in Oct.
Among the 21 cities in Nov whose prices of newly-built houses fell MoM, Urumqi fell the most, down 0.9%. It is worth noting that Guangzhou, a first-tier city, also entered the top ten decline list.
In terms of resale housing prices, it fell in 33 cities in China. Only 32 cities have seen increases in resale housing prices, the lowest in nearly four years.
The real estate market in higher-tier cities have gradually entered a period of adjustment. The downward trend in housing prices is expected to continue in 2020, barring any policy changes.
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