Home prices in China’s largest cities are on track to peak in the first quarter of 2014 and drop at the end of next year, Xinhuanet reported Tuesday, citing a Chinese Academy of Social Sciences green paper. The academy said that growth in home prices is expected to stabilize throughout next year, the report said. New home prices rose month on month in 66 of the 70 major cities monitored by the government last month, up from 65 in October, according to the National Bureau of Statistics. Average home prices in these cities climbed 0.6 percent in November, slowing from a 0.7 percent rise in October, indicating the growth rate is losing its steam. The academy forecast that home prices in first-tier cities might reach their peak in the first quarter next year, stabilize in the second and third quarters, and gradually fall in the last quarter.
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