People’s Daily recently reported on the housing market data that the National Bureau of Statistics just released. According to the official statistics, out of seventy large and medium sized cities, sixty-eight saw a month-over-month housing price decline. One city broke even and another had an increase. The seventy-city average price for new real estate fell by 1.2 percent month-over-month, which is the biggest decline in ten years. Traditionally, September is the peak month of the year for the housing market. However there is no sign of recovery as of now. Market analysts thought that it was the high inventory level and a significantly lower demand that had caused the decline. Several provincial governments have come up with new local policies to “rescue” the housing market. It is widely expected that at least ten more provinces will follow suit.
Sources: People’s Daily, September 19, 2014
National Bureau of Statistics, September 18, 2014