New homes cost an average of 19,591 yuan (US$2,947) per square meter in October, a drop of 19 percent compared with this year s record price of 24,166 yuan per square meter in February.
The figure represented a month-on-month decrease of 4.86 percent compared with September and about a 10-percent drop compared with the same period last year, according to a report released by the Shenzhen Real Estate Research Center on Tuesday.
The center attributed the price drop to a series of policies implemented since April aimed at cooling the property market.
Although new housing prices in Shenzhen had risen continuously since last year, the gains had slowed, the report said.
There were declines in both new and pre-owned housing sales in the first nine months. The total area of new housing sold was 2.43 million square meters, down 57 percent over a year earlier.
The total area of pre-owned housing sold in the first nine months was 6.96 million square meters, a year-on-year drop of 15.4 percent.
