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Major cities see slower housing price growth

Home prices in China's 100 major cities continued to rise in October, but at a slower pace, as both demand and supply decreased in the real estate market. Average new home prices in the cities increased 3.23 percent year-on-year in October, with the pace of growth decelerating 0.33 percentage point from September, according to a survey conducted by the China Index Academy, a property research institution. On a monthly basis, the cities saw average new home prices climb 0.15 percent, down 0.16 percentage point from September. Of the 100 cities surveyed, 62 saw month-on-month growth in new home prices while 32 reported falling prices, according to the survey.