China's house prices fell, again, in December: -0.4% m/m (prior -0.3%)

<p>New home prices in China continue to slide:</p><p>-0.4% m/m in December </p><ul><li>-0.3% in November </li></ul><p>-0.4% y/y</p><ul><li>-0.2% in November</li></ul><p>Reuters reports that</p><p>62 out of 70 cities with m/m falls in sales prices of new homes</p><ul><li>59 in November </li></ul><p>70 of 70 price falls for 2nd-hand</p><ul><li>69 in November</li></ul><p>–</p><p>The housing sector is a key growth engine in China. At least when prices are rising and folks are buying. The debt-induced slump in the sector is a factor weighing on economic growth. The GDP data is due at the top of the hour but we know what it is already:</p><ul><li><a href="https://www.forexlive.com/news/chinas-premierli-qiang-has-already-announced-the-countrys-2023-economic-growth-number-20240116/" target="_blank" rel="follow" data-article-link="true">China's Premier Li Qiang has already announced the country's 2023 economic growth number</a></li><li>(spoiler alert is 5.2%)</li></ul>

This article was written by Eamonn Sheridan at www.forexlive.com.