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China Index Academy: Statistics Show Prices of Newly Constructed Homes Dropped in October

Xinhua reported that, according to a report that the China Index Academy published, based on 100 cities that were sampled, the average price for newly constructed homes was 10,629 yuan (US$1,733) per square meter in October, down 0.4 percent from September and 0.52 percent lower when compared to the same period in 2013. According to the report, October is also the sixth consecutive month that saw housing prices drop. The report also projected that cash support from the banks will remain the main driver to determine the trend for the real estate market in the 4th quarter. It predicted that, in the fourth quarter, the market will continue to burn off the existing inventory, while housing prices could fall further compared to the previous months.

Source: Xinhua, November 3, 2014