Chinese new home prices fall for a sixteenth month, with the tiers diverging
The national average fell 0.4 percent. The average conceals a widening gap between the largest cities and everywhere else.
New home prices across seventy Chinese cities fell 0.4 percent on the month, the sixteenth consecutive decline. The annual rate is now down 5.7 percent.
The national figure is close to meaningless on its own, because the dispersion is enormous. Tier-one cities fell 0.1 percent. Tier-three cities fell 0.6 percent, and some individual markets are down by double digits from their peak.
Why the tiers have separated
Tier-one cities have genuine supply constraints and continuing net inward migration. Demand there is real even when it is weak.
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