by furqanBEIJING: While China’s new home prices continued to drift downward in April, the pace of the month-on-month decline slowed to its lowest level in a year, according to official data released on Monday. This development offers an early glimmer of stabilization, though overall housing demand remains weak despite widespread efforts by municipal governments nationwide to revive sales and restore buyer confidence.
According to calculations by Reuters using data from the National Bureau of Statistics, prices for new homes edged down by just 0.1% in April compared to March. This represents a slight improvement from the 0.2% month-on-month decrease recorded in March and marks the mildest drop since April of last year.
However, looking at the year-on-year figures, home prices fell by 3.5% in April, widening from the 3.4% annual decline seen in March. This represents the sharpest year-over-year contraction the market has experienced in 11 months.