China US Housing Markets Face Deepening Price Declines Amid Affordability Crisis

China's housing market is facing a prolonged downturn with new home prices falling sharply, exacerbating economic challenges and weighing on banks' asset quality despite government stimulus efforts. New home sales are expected to decline further before stabilizing, with many cities reporting monthly and yearly price drops, impacting consumer confidence and household spending. In the U.S., the housing crisis deepens as homeownership becomes increasingly unaffordable due to soaring prices, especially in fast-growing states like Utah, where many spend over half their income on housing. Mortgage rates above 6.5% have suppressed demand, causing home prices to fall month-to-month in 19 of 20 major U.S. metro areas, with only Chicago seeing a slight increase. This affordability crisis is compounded by a shortage of roughly six million housing units nationwide, wages not keeping pace with inflation, and competition from all-cash buyers. Meanwhile, condo resale prices in Singapore dipped slightly in September 2025, with minor regional variations and a modest increase in resale volumes, indicating localized market adjustments amid broader global housing market stress.