China’s new home prices fall for 13th consecutive month in July By Reuters

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

New home prices fell 0.7 percent month-on-month in July, after a 0.7 percent drop in June, according to Reuters calculations based on data from the National Bureau of Statistics (NBS).

In annual terms, new home prices fell 4.9% from a year earlier, compared with a 4.5% drop in June.

Beijing has stepped up efforts to support the sector, which at its peak accounted for a fifth of the economy, including lowering mortgage rates and reducing the cost of buying homes.

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