China's New Home Prices Keep Falling as Housing Recovery Stalls
China's new home prices fell 0.1% month-on-month in July, matching June's drop, as the housing sector's recovery remains weak.
China's new home prices continued their downward drift in July, with the latest official data pointing to a housing market that remains under pressure despite earlier policy support.
Prices for new homes slipped 0.1% in July compared with the previous month, the same pace of decline recorded in June, according to calculations based on figures released by the National Bureau of Statistics. The flat-to-negative monthly trend underscores how demand for new housing has failed to gain meaningful traction.
On a year-on-year basis, new home prices were down 3.2% in July. That marks a slight improvement from the 3.3% annual decline seen in June, but the marginal narrowing offers little sign of a broader turnaround.
The persistent declines highlight the challenges facing China's property sector, which has been a key drag on the country's economic growth. While authorities have rolled out measures to stabilise the market, the latest data suggests that a sustained recovery remains elusive as homebuyer confidence stays subdued.