China: New home prices fell in April

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New home prices in China fell for the first time since late 2015 on an annual basis, as the authorities’ efforts to ease restrictions on real estate markets and reverse the market downturn have not yet taken effect.

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Average house prices in 70 major cities were 0.11% lower in April than the previous year, reversing the 0.66% increase in March.

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Meanwhile, fewer cities have announced price increases. Specifically, new home prices rose in 30 of the 70 cities last month, up from 40 in March.

On a monthly basis, average house prices fell for the eighth consecutive month. Prices fell 0.30% in April and widened from falling 0.07% in March.

Prices in 18 of the 70 cities announced an increase in house prices in April, from 29 cities in March.

Source: Capital

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