Home prices in 70 major Chinese cities continued to narrow declines at the end of 2024, as Beijing ramped up support for the ailing real-estate sector.
Average home prices in the 70 cities surveyed by the government dropped 0.08% month-on-month in December, versus the 0.2% decline recorded in November, according to calculations by The Wall Street Journal based on data released Friday by the National Bureau of Statistics.
There were 43 cities reporting month-on-month drops in home prices in the final month of 2024, down from 49 in November.
On an annual basis, average home prices in the major cities dropped 5.7% in December, easing from the 6.1% decline recorded in November. Of the 70 cities, 68 reported year-on-year price declines, up from November's 67.
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(END) Dow Jones Newswires
01-16-25 2057ET