China Property: September marks the first house price decline since 2015 on a sequential m/m basis for the simple average of the 70 major cities with the NBS house price indices.
That was driven by the lower-tier cities, as one would expect, while Tier-1 and Tier-2 decelerated m/m but still with positive growth. See the chart below.
On a y/y basis, a gradual deceleration continues.
From Real Estate Foresight's Data Update on the latest NBS figures released on Oct 20.