Housing prices in seventy selected cities fell by 0.45% compared to the previous month, based on calculations from figures released by the National Bureau of Statistics (NBS). This follows a contraction of 0.41% in September.
Among the cities listed, 64 recorded reductions in new housing prices, an increase from 63 in September. Meanwhile, six cities, including major ones like Shanghai, saw increases, slightly higher than the five recorded in the prior month.
Statistics from the NBS show a 0.66% decrease in October over the previous month for second-hand housing prices, a marginally higher rate than the decline recorded in September (-0.64%).
Unlike previous reports where some cities saw increases, all 70 cities analyzed by the NBS experienced declines in the prices of second-hand homes in October.
In recent years, Chinese authorities have announced several measures to curb the decline in the real estate market, a critical issue for Beijing due to its social stability implications, as housing remains one of the primary investment vehicles for Chinese households.
One of the main factors behind the recent slowdown of the Chinese economy is the real estate sector crisis, which, including indirect factors, was estimated to account for about 30% of the national GDP, according to some analysts.
