China September 15: Home Prices Fall Further but Shrink; Yan Yuejin Says Market Basically Bottoming

The signal here is less the direction of prices than the narrowing of the decline, which is the basis for Yan Yuejin's bottoming call. That framing matters because it shifts the debate from whether prices are still falling to whether the pace of decline has stabilized — a distinction that shapes how the official data will be read in coming months. The open question is whether the narrowing persists once the January-August trend meets the September 15 city-level release, or whether it proves a temporary pause.