China Housing Index

China's new home prices dropped by 2.2% year-on-year in March 2024, faster than a 1.4% fall in the previous month. It was the ninth straight month of decline and the steepest pace since August 2015, despite multiple support measures from the government to reduce the impact of a protracted property downturn and fragile economic recovery. Prices declined at stronger rates in Shenzhen (-5.5% vs -4.8% in February) and Guangzhou (-5.5% vs -4.6%) while moderating in Beijing (0.8% vs 1.0%), Chongqing (0.5% vs 1.2%), and Tianjin (0.5% vs 1.5%). In Shanghai, prices increased by 4.3%, after gaining 4.2% in February. Monthly, new home prices fell by 0.3% in March, the same as in the prior two months.