New home prices in China have fallen the most in over six years

BEIJING — China’s new home prices fell in July, the most in more than six years, as homebuyers lost confidence in the real estate market after a year-long drop in sales, stalled projects and mounting defaults by real estate developers.

Average new home prices in 70 major cities fell 1.67% in July from the same period last year after falling 1.29% in June, according to Wall Street Journal calculations based on data released Monday China’s National Bureau of Statistics were released.

Meanwhile, another Chinese city reported growth from a year ago. New home prices rose in 22 out of 70 cities last month, compared to 21 cities in June.

Compared to the previous month, average new home prices have fallen for the eleventh month in a row. Prices fell 0.11% in July after a 0.10% drop in June, according to the Bureau of Statistics.

House prices in second- and third-tier cities showed a downward trend in July compared with the previous month, said Sheng Guoqing, an analyst with the Bureau of Statistics.

Fewer cities reported month-on-month growth. Thirty of the 70 cities saw monthly house price increases in July, up from 31 cities in June.

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Brian Lowry

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