Home prices across China's 70 major cities fell in October: Chinese report

The National Bureau of Statistics announced China's housing price fluctuations for October on the 14th. Housing prices in China's 70 major cities fell both month-on-month and year-on-year.
New home prices in first-tier cities fell 0.3% month-on-month, with Shanghai up 0.3% and Beijing down 0.1%.
Guangzhou fell 0.8% and Shenzhen fell 0.7%. Second-hand home prices in first-tier cities fell 0.9%, a 0.1 percentage point decrease from the previous month. Of these, Beijing fell 1.5%.
Prices in second-tier cities fell 0.4% year-on-year, while prices in second-tier cities fell 0.6% year-on-year.
The rate of decline narrowed by 0.1 percentage points from the previous month. New home prices in "third-tier cities" fell 0.5% year-on-year, an increase of 0.1 percentage points from the previous month. Used home prices fell 0.7% year-on-year, an increase of 0.1 percentage points from the previous month.
On the other hand, when looking at new housing prices in each city compared to the same month last year, first-tier cities saw a 0.8% decline, an increase of 0.1 percentage points from the previous month.
"Tier 3 cities" fell 2.0% year-on-year, a decrease of 0.1 percentage points. "Tier 3 cities" fell 3.4% year-on-year. Also, looking at the prices of used homes in each city compared to the same month last year, "Tier 1 cities" fell 4.
The decline was 4%, an increase of 1.2 percentage points from the previous month. Second-tier cities saw a 5.2% drop, an increase of 0.2 percentage points. Third-tier cities saw a 5.7% drop.