August figures continued their month-on-month decline, though the sluggish sector’s year-on-year numbers narrowed marginally
China’s new home prices extended a weak trend in August – falling 0.3 per cent month-over-month in 70 major cities – but showed a marginal improvement from a year earlier as state-led policies stabilised a persistently weak sector.
New home prices have been sliding since April, 2022, on a year-on-year basis but the decline is showing signs of narrowing, according to data published by the National Bureau of Statistics on Monday.
Prices fell 3 per cent year-on-year in August, compared with a decline of 3.4 per cent in July and 3.7 per cent recorded in June, according to the data.
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