BEIJING, Nov 1 Reuters Prices of new homes in China rose at a faster pace in October, traditionally a peak season for house hunting, a private survey showed on Friday, suggesting that recent support measures could be having some early impact in a crisishit market.
The average price across 100 cities edged up 0.29, compared with the previous month39;s 0.14, according to data released by property researcher China Index Academy.
On a yearonyear basis, the average price rose 2.08 versus 1.85 growth in September.
The property market, once accounting for roughly a quarter of economic activity, is grappling with a prolonged downturn since 2021 and remains a major drag on the world39;s secondlargest economy.
Authorities rolled out a raft of property easing measures at the end of September, including a cut in the minimum down payment ratio to 15 for all housing categories and relaxation in home purchase restrictions.
The stimulus measures appear to have given a lift to the industry in some major cities. The survey showed mega city Shanghai recorded the largest monthonmonth house price increase of 1.09.
However, the small cities continue to languish, underscoring cautious buyer sentiment that has chilled the real estate market in recent years.
Average new home prices fell 0.02 from a month earlier in smaller cities last month, the China Index Academy data showed.
New homes sold by value fell 34.7 yearonyear in JanuaryOctober, though they rose 10.53 in October, according to…