Dow Jones Newswires: China new-home prices drop by most in more than seven years

by | Oct 24, 2022 | Stock Market

New-home prices in China suffered their steepest decline in more than seven years in September​, even as the government rolled out more policies to boost the embattled property sector and stimulate home-buyer demand. Average new-home prices in 70 major cities in ​September fell 2.​30​% from a year earlier, after declining 2.10​% in ​August, according to Wall Street Journal calculations based on data released ​Monday​ by China’s National Bureau of Statistics.

Fewer Chinese cities reported growth than a year ago. New-home prices rose in 2​0​ out of 70 cities last month versus 2​1​ cities in ​August​. Compared with the previous month, average new-home prices fell for the 1​3​th consecutive month. Prices dropped 0.2​8​% in ​September​, ​narrowing from​ ​August’s 0.​29​% decline, the statistics bureau said. Fewer cities reported growth from the month before. ​Fifteen​​ of the 70 cities recorded a month-over-month increase in home prices in ​September, down from ​19​ cities in ​August​. Write to Bingyan Wang at bingyan.wang@wsj.com

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