BEIJING: China's new home prices fell again in September, extending a more than three-year slump and suggesting policy support has yet to spark a broad-based recovery in housing demand.
New home prices dropped 0.1 per cent 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 per cent, narrowing from a 3.0 per cent 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.
