China new home prices fall for 13th straight month in July

BEIJING (Reuters) – China’s new home prices fell for the 13th straight month in July, official data showed on Thursday, as supportive policies failed to stabilise the market and restore confidence in the struggling sector.

New home prices were down 0.7% month-on-month in July after a 0.7% dip in June, according to Reuters calculations based on National Bureau of Statistics (NBS) data.

In annual terms, new home prices were down 4.9% from a year earlier, compared with a 4.5% slide in June.

Beijing has been intensifying efforts to support the sector, which at its peak accounted for a fifth of the economy, including reducing mortgage rates and lowering home buying costs.

These measures have spurred increased demand in major cities, although interest remains sluggish in smaller cities.