Despite slowing economic growth, China's housing prices are unlikely to fall much because the sector remains a pillar of economic growth, economists said.

Prices had soared earlier this year prior to the announcement of market-cooling measures.

"Based on data of the first three quarters, I suppose the economy has bottomed out," Zhang Liqun, a researcher with the State Council's Development Research Center, told a monthly seminar of the China Center for International Economic Exchanges on Wednesday.