China’s new home prices drop over 5% in August, largest drop since 2015

Posted on September 16, 2024   |  

In August, new home prices in China fell by 5.3%, the fastest drop since May 2015, after a 4.9% decline in July.

August marked the fourteenth month in a row of falling home prices, with a 0.7% decrease, similar to July.

Despite efforts, the property market hasn’t recovered due to high developer debt, unfinished projects, and low buyer confidence.

These ongoing property market issues are putting pressure on China's goal of 5% economic growth for the year.