China New Home Prices Drop the Most Since 2015

2024-06-17 01:40 By Kyrie Dichosa 1 min. read

China’s new home prices in 70 cities decreased by 3.9% year-on-year in May 2024, the most since June 2015 and worse than the 3.1% decline in April.

This was the 11th consecutive month of decline, despite China unveiling a broad real estate rescue package last month.

The declines were widespread: prices dropped in 68 out of the 70 cities surveyed by the government, an increase from 64 in April.

Prices dropped at stronger rates in Guangzhou (-8.3% vs -6.9% in April), Beijing (-1.8% vs -0.5%), and Shenzhen (-7.4% vs -6.7%).

At the same time, costs in Tianjin fell 0.7% after previously stabilizing, while prices in Shanghai continued to rise further (4.5% vs 4.2%).

On a monthly basis, new home prices declined by 0.7% in May, the most since October 2014, following a 0.6% decrease in the prior period.



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