China’s new-home prices fell by 2% in August, the lowest in 7 years

In August, China’s home prices marked the 12th month of declines as new-home prices in 70 cities, excluding state-subsidized housing, fell by 0.29% compared to July, and compared to 2021, prices fell by 2.1%, the most in 7 years.
The residential sales fell by 30% in the first 8 months of 2022 and property investment shrank by over 7%.
In 2-tier cities, prices fell by 0.21% after falling 0.01% in July and 1st-tier cities saw a 0.1% increase, which is the slowest pace in 8 months.
Prices of existing homes fell by 0.35%, faster than the previous month’s 0.21% drop.

Image: Business Insider

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