New Home Prices in China's Major Cities Continue to Decline

In a blow to Beijing's efforts to revive the struggling real estate market, official data released on Wednesday showed that new home prices in China's major 70 cities fell in July. This comes despite recent attempts to reverse the prolonged slump.

July Sees a Dip in Average Home Prices

According to calculations based on data from the National Statistics Bureau, the average new home prices in these cities dropped by 0.1% in July. This marks a reversal from the 0.01% increase witnessed in June, as reported by The Wall Street Journal.

Declines Seen in Multiple Cities

Out of the total 70 cities included in the analysis, 40 reported declines in home prices in July. This number has increased from the 31 cities that reported a decline in June.

Year-on-Year Comparison

When compared with the same period last year, average home prices have fallen by 0.64% in July. This marks a wider decline compared to the 0.51% decrease witnessed in June.

More Cities Experiencing Falling Prices

Out of the 70 cities analyzed, 44 cities reported a fall in home prices on a year-on-year basis. This is an increase from the 42 cities that reported the same in June.

Attempts to Stimulate the Market

China has taken measures to address the property downturn by relaxing home purchase restrictions in several cities and reducing mortgage rates. These efforts aim to encourage home buying and support the country's economic recovery.