BEIJING, 2nd November, 2024 (WAM) -- Transaction volume of new homes in China went up 0.9 percent year-on-year in October, reversing a decline since June last year, as the government introduced a series of measures to prop up the market, the latest figures showed on Friday.
Xinhua News Agency quoted the Ministry of Housing and Urban-Rural Development as saying that second-hand home transactions rose for the seventh month by 8.9 percent year-on-year in October.
On a monthly basis, the transaction volume of new homes increased 6.7 percent and that of second-hand homes moved up 4.5 percent in October.
Dubbed "Golden September and Silver October" by the property market, the two months are considered a peak sales season in the second half of the year. Typically, September is the stronger of the two months as property developers push to hit third-quarter targets.
The ministry said that it was the first time since 2007 that October transactions exceeded those in September.