China’s new home prices fall again in September as recovery stays elusive
BEIJING, Oct 19 (Reuters) China s new home prices fell again in September, marking more than three years without a monthly or annual increase, suggesting policy support has yet to generate a broad-based recovery in housing demand. New home prices dropped 0.1% month on month, matching the pace of decline in August, according to Reuters calculations based on data released by the National Bureau of Statistics. On an annual basis, prices fell 2.8%, narrowing from a 3.0% drop in August, extending a decline since June 2023. The housing market s prolonged downturn has become one of China s biggest economic challenges, depressing consumer confidence and local government revenues. Prices of new and resale homes in the country s biggest cities continued to show signs of stabilisation, likely boosted by Shanghai s further easing of homebuying restrictions and incentives such as subsidies announced in August. In smaller cities, however, both new and resale home prices continued to fall