Home prices end in 2015 with 7.51% drop from peak

Prices down for seven weeks straight.

Hong Kong home prices have fallen for the seventh straight week, down 0.71% over the past week.

According to a research note from Barclays, although the CCL home price index finished 2015 up 2.60%, it has fallen 7.51% from the peak of 146.92 recorded on 13 September to the current reading of 135.89.

The average weekly decline worked out to about 0.52%, which would annualise to a 23.7% fall. All sub-indices performed poorly last week. CCL (small/medium) fell 0.78%, the seventh consecutive week of decline. CCL (large) also lost 0.36%.

Here's more from Barclays:

In terms of geographic performance, all districts recorded a drop in price. Kowloon led the decline, down 1.11% w/w, followed by New Territories East (-0.88%), Hong Kong Island (-0.65%) and New Territories West (-0.54%).

The cumulative pullback from the peak is also severe at the sub-index level. Hong Kong Island led the decline, dropping 10.1% from the intra-year peak, followed by Kowloon (- 8.6%), New Territories East (-8.5%) and New Territories West (-6.7%).

CCL (small/medium) and CCL (large) also fell by 8.0% and 5.4% respectively.