BEIJING, Oct. 19 -- New-home prices in Shanghai were 2.8% higher in September than a year earlier. In Luzhou they were 7.6% lower. Both readings come from the National Bureau of Statistics (NBS) tables for 70 Chinese cities, stamped 09:30 on Monday, and the distance between them is what the September data are about.

By TEH's count of those tables, new-home prices fell month on month in 49 of the 70 cities, rose in 17 and were unchanged in four. Against a year earlier, 64 cities were lower, five higher and one level. TEH reported in July that property was the clearest explanation for the weak household demand behind China's slowest growth since the 2022 lockdowns.

Resale homes moved more. Prices fell month on month in 59 cities and rose ...