Ministry official says rise in home prices effectively curbed
Sales growth in housing market likely to continue to slow while transaction prices are expected to remain stable
The housing market in China is steady and healthy on the whole, said Wang Menghui, head of the Ministry of Housing and Urban-Rural Development, Yicai.com reported.
Sales growth will continue to slow and transaction prices will tend to be stable for the fourth quarter, Wang added.
The growth of commercial residential areas which have been sold dropped to 7.6% in September, compared to 23.7% growth early this year.
Both central and local governments have effectively dampened the rapid rise in housing prices, the report said.
The growth of home prices in first-tier cities has seen a consecutive 11-month decline, while second-tier cities have reported a similar decrease over nine months.