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Housing transactions down, home prices up in September

08 October 2012

Chinese home sales fell in September, as house prices continued to rise. House sales were down 13.8% MoM in 35 cities tracked by China Confidential, whilst average house prices in 100 cities rose 0.17% from August according to the China Real Estate Index System (CREIS). We believe that falling property transactions reflects increasing caution amongst home buyers, which was also indicated by our Consumer Sentiment survey showing less positive sentiment amongst prospective home buyers (Consumer Sentiment Macro Indicator, Oct 5). We do not think that the fundamentals behind the recent recovery in the real estate market are altered and note increasing house sales in the last two weeks of September. 

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