New Home Prices in First-Tier Cities Continue to Rise MoM in September; Declines Narrow in Second- and Third-Tier Cities
nashnova research
NBS data show tier-1 cities posted another month-on-month rise in new-home prices in September, while tier-2 and tier-3 declines narrowed — the broad downturn is losing momentum.
What is driving the tier-1 price gain?
Tier-1 new-home prices rose again month-on-month in September, extending their recent rebound.
This means → buyer demand in Beijing, Shanghai, Guangzhou and Shenzhen still has support; capital is concentrating in the most certain market.
Are tier-2 and tier-3 cities still falling?
Tier-2 and tier-3 new-home prices still fell month-on-month, but the decline narrowed overall.
In plain terms = still dropping, just more slowly than the month before — the downward momentum is fading.
What does the year-on-year picture signal?
Year-on-year price declines narrowed across all three city tiers.
This reflects a gradual digestion of the past year's losses; the market is one step closer to a floor.
Year-on-year figures remain negative, however — prices have not yet returned to their level a year ago.
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