China's new home prices fell 5.3% in August, the sharpest drop in over nine years

From Yahoo Finance: 2024-09-13 21:45:55

China’s new home prices dropped 5.3% in August, the sharpest decline in over nine years, despite supportive measures to boost the property sector. Property investment fell 10.2% and home sales slumped 18.0% in the first eight months of the year. A Reuters poll predicts a further 8.5% decrease in home prices for 2024. Chinese policymakers are implementing measures such as reducing mortgage rates to stimulate the sector. Only two out of 70 cities surveyed reported home price increases in August. The property market is expected to gradually stabilize, with hopes for stronger policies in the future to drive recovery.



Read more at Yahoo Finance: China new home prices fall at fastest pace in over 9 years in Aug