China November housing prices down to lowest level

China's November housing inflation eased to its lowest level in the year, signalling the success of the government's efforts to keep property rates steady as it loosened monetary policy to ensure the world's second-largest economy made a soft landing.

Average new home prices were up 2.2 per cent in November as against a year ago, the weakest monthly rise so far in 2011, as per Reuters calculations of latest official data published on Sunday.

Inflation in home prices stood at 2.8 per cent in October.

The National Bureau of Statistics (NBS), which tracks home prices in 70 major cities, discontinued featuring a a nationwide home price index in January.

A Reuters weighted index, based on the NBS data, showed that the average new home price in China was down 0.2 per cent in November from October, for the second month in a row.

The falling home price, in tandem with a sharp ease in China's consumer inflation in November from July's three-year peak, allowed Beijing to steer policy towards ensuring economic growth, away from its top priority of reining in inflation only a couple of months ago.