JPMorgan Econ FI-China Home prices continued to decline in February Understa...-107043557

JPMORGANAsiaPacificEconomicResearch15March2024China:HomepricescontinuedtodeclineinFebruaryUnderstandinghousingmarketnewdevelopmentmodelTheyear-on-yeardeclineinNBS70-cityhomepriceswidenedfurtherinEmergingMarketsAsia,EconomicFebruary.Newhomepricedeclined1.9%oya(vs.-1.2%inJanuary),alongandPolicyResearchwitha5.1%dropforsecondaryhomeprice(vs.-4.4%inJanuary).InTingtingGesequentialterms,theNBS70-citynewhomepricefell0.4%m/mnsa,thesamepaceforfiveconsecutivemonths.Comparedtothepreviousmonth,newhomeprices(852)2800-0143declinedin59citiesinFebruary(vs.56citiesinJanuary),increasedin8cities(vs.tingting.ge@jpmorgan.com11citiesinJanuary)andwereunchangedintheremaining3cities.Acrosscitytiers,newhomepricesfell0.3%m/minTier-1cities,thesamepaceasJanuary,withHaibinZhucontinuedoutperformanceofShanghai(+0.2%),anda0.1%,0.8%and0.5%fallinBeijing,GuangzhouandShenzhen.Newhomepricesalsodropped0.3%m/min(852)2800-7039Tier-2cities,and0.4%inTier-3cities.Asforthe70-citysecondaryhomeprice,haibin.zhu@jpmorgan.comitdropped0.8%m/mnsainTier-1cities,andwasdown0.6%inbothTier-2and3cities.NotethatofficialdatamayhaveunderestimatedthehousingpriceGraceNgcorrection,partlytoduetolimitedcitysamplecoverageaslower-tiercitiesmayhaveexperiencedsharperhousingpricecorrections.Forreference,duringthe(852)2800-7002previoushousingdownturncycleover2014-2015,NBS70majorci...