Photographer: Qilai Shen/Bloomberg

China's Home Prices Across Smaller Cities Are Warming Up Again

China’s home prices are warming up in the nation’s smaller cities, even as the government prolongs a campaign to rein in speculation and control bubbles.

New-home price gains are picking up the most in the third-tier cities, rising 0.46 percent in November on a month-on-month basis, according to Bloomberg Intelligence calculations based on government data tracking 70 cities released Monday.

Read More: China’s home prices fall in fewer cities even amid buying curbs

The speed of the gains has accelerated for two straight months from this year’s slowest pace in September. There’s a similar pattern for second-tier cities. While the gains remain small, they point to persistent price pressures as the government tries to control a frothy housing market without triggering dangerous corrections.

In the tier-one cities, which include Beijing and Shanghai, values fell about 0.1 percent.

Read more: Here’s a table showing price moves in individual cities

— With assistance by Emma Dong

    Before it's here, it's on the Bloomberg Terminal.