China's average home prices in October ticked lower for the first time this year, official data showed on Friday, a victory in Beijing's fight against inflation but also a challenge if prices fall too sharply and stoke further social unrest. Friday's data showed that China's annual housing inflation cooled in October to its lowest in 2011 and nation-wide average home prices fell from the prior month for the first time this year.
Average house price inflation in China's 70 major cities dropped to 2.8 percent last month from a year earlier, the lowest reading this year and down from September's 3.5 percent, Reuters calculation of latest official data showed. Average new home prices across China fell 0.2 percent in October from September, the first drop since Reuters started calculating the weighted index after the National Bureau of Statistics (NBS) stopped publishing nation-wide data in January.
Comments
Comments are closed for this article.