China new home prices drop 3.4 percent annually in March
New home prices in China fell 0.2 percent in March while the annual decline hit a ten-month high. Major cities showed some signs of monthly improvement today.
New home prices in China extended their decline in March, although major cities showed some month-on-month improvement. According to data released by the National Bureau of Statistics, new home prices fell 0.2% in March from the previous month, compared with a 0.3% decline in February.
On an annual basis, prices dropped 3.4%, deeper than the 3.2% fall in February and marking the sharpest decline in ten months. Weak demand continued to weigh on the property market, offsetting the slight improvements seen in larger urban centers. The data, based on Reuters calculations, underscores the ongoing challenges facing the real estate sector as it struggles to regain momentum.
