Dow Jones Newswires: China new-home prices fall by most in over six years

by | Aug 15, 2022 | Stock Market

BEIJING–New-home prices in China in July fell by the most in over six years as home buyers lost confidence in the property market after a year-long slide in sales, stalled projects and mounting debt defaults by real-estate developers. Average new-home prices in 70 major cities in July fell 1.67%, compared with the same period a year earlier, after falling 1.29% in June, according to Wall Street Journal calculations based on data released Monday by China’s National Bureau of Statistics.

Meanwhile, one more Chinese city reported growth from a year ago. New-home prices rose in 22 of 70 cities last month, compared with 21 cities in June. Compared with the previous month, average new-home prices fell for the eleventh consecutive month. Prices dropped 0.11% in July, after June’s 0.10% decline, the statistics bureau said. House prices in second- and third-tier cities showed a downward trend in July compared with a month before, said Sheng Guoqing, an analyst at the statistics bureau. Fewer cities reported growth from the month before. Thirty of the 70 cities recorded a month-over-month increase in home prices in July, down from 31 cities in June. Write to

Article Attribution | Read More at Article Source

Share This