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China’s new home prices in 70 cities shrank by 5.7% year-on-year in September 2024, following a 5.3% decline in the previous month. This marked the 15th consecutive month of decrease and the steepest pace since May 2015, despite Beijing’s continuous efforts to address the persistent weakness in the property sector, including reducing mortgage rates and lowering home buying costs. Prices dropped at steeper rates in most cities, such as Beijing (-4.6% vs -3.6% in August), Guangzhou (-10.3% vs -10.1%), Shenzhen (-8.6% vs -8.2%), Tianjin (-2.3% vs -1.4%), and Chongqing (-6.2% vs -5.4%). On the other hand, cost continued to increase in Shanghai (4.9% vs 4.9%). Monthly, new home prices dropped by 0.7% for the fifth straight month in September, staying at their fastest fall since October 2014.