New home prices in China rose for the third consecutive month in October both on a yearly and on a monthly basis, according to results of a survey released by China Index Academy (CIA).
The average new home price in 100 major cities monitored reached 10,849 yuan/square meter in October, up 2.07 percent year on year and up 0.3 percent month on month.
Of the 100 cities, 48 registered month-on-month home price increases, 11 less than in September. And 33 saw year on year home price up, nine more than in September. Shenzhen saw the strongest growth last month, up 32.66 percent compared with a year earlier, CIA said.
The average home price in top 10 cities in China like Beijing and Shanghai reached 20,191 yuan/square meter, up 6.65 on year, 1.01 percentages higher than in September.
CIA predicted that home prices in major cities would grow steadily while those in cities with high inventory were likely to drop.
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