In August this year, the average prices of new residential housing in 100 major cities in China decreased by 0.59 percent month on month to RMB 10,771 ($1,748.5) per square meter, indicating a decline for the fourth consecutive month, as announced by the China Index Academy, a Beijing-based real estate research institute on September 1. The month-on-month decrease in average prices recorded in July this year was 0.81 percent. Of the 100 cities surveyed in August, 26 cities saw increases in residential housing prices, while 74 cities witnessed declines, both on month-on-month basis.
On year-on-year basis, in August this year average new residential housing prices in the 100 major cities in China rose by 3.15 percent, with a 1.57 percentage point decrease in the year-on-year growth rate compared to July this year.
Furthermore, the average residential housing price in the 10 biggest cities in China in July this year was RMB 19,226 ($3,121.1) per square meter, down 0.53 percent month on month and increasing by 7.58 percent year on year.