China home price data for September 2024:
-5.7% y/y
- prior -5.3%
-0.7% m/m
- prior also -0.7%
Home prices fell in
- m/m 66 of 70 cities (prior 67)
- y/y 68 of 70 (prior also 68)
We've been banging on all year (more?) about the vicious cycle of lower home prices breeding buyer reluctance (why buy no when prices fall, get it cheaper later) breeding lower prices. That has not yet gone away. China's property sector continues to languish.
Of course, we've had much fanfare over stimulus this past four weeks or so, so perhaps this data set will improve.
