Chinese house prices for September are out and were still running hot at 2.1% month on month (by my calcs) and up 11.2% year on year from 9.2% in August. Here are the 70:
And the chart:
Some of the red hot activity was triggered by the incipient tightening that reached full roar this month so I expect we’re right at the peak here.
Prices were still rising in 64 cities and falling in just six:
The mix of price rises across tiers was unchanged as well with top tier leading, second tier pretty warm and everything else being left behind:
Shenzhen is perhaps most indicative of where we’re headed. It is still rising at above 20% month on month annualised but that is down from 65% a few months ago. I expect all top tiers to slow markedly over the coming few quarters.
