New-home prices in 70 cities, excluding state-subsidised housing, dropped 0.2 per cent from October, the smallest decrease in 17 months, National Bureau of Statistics figures showed on Dec 16. Values of used homes fell 0.35 per cent, the least since May 2023.
China's housing downturn has weighed on Asia's largest economy for more than three years. The figures offer a glimmer of hope for the market after recent stimulus measures failed to sustain a rebound in sales - a prerequisite for putting a floor under prices, according to Fitch Ratings.
"The recovery is still fragile and not broad-based," said Mr Raymond Cheng, head of China property research at CGS International Securities Hong Kong. "Property markets in small cities are still very challenging with high inventory levels."
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