China's home prices posted a third consecutive annual drop in November, fueling speculation that the government will need to undertake further measures to avert a sharp slowdown in the economy.
New home prices fell 3.7 percent in November from the year-ago period, after dropping 2.6 percent in October, according to Reuters calculations of official data released by the National Bureau of Statistics Tuesday.
"We do think there's a light at the end of the tunnel, but you have to keep in mind that not all of the cities are equal. We see the tier-one cities as ultimately having the best balance of affordability but those are also the cities where the restrictive measures are still in place," Michael Klibaner, regional director and head of research for Greater China at Jones Lang LaSalle told CNBC.
In Beijing, home prices fell 2.1 percent on year in November, faster than October's 1.3 percent decline. Meanwhile, prices fell 2.9 percent in Shanghai, faster than October's 2.0 percent drop.
Month-on-month, home prices declined 0.5 percent. In October, prices fell 0.8 percent on month.