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China’s new home prices in the 70 major Chinese cities declined by 0.1% in June from the previous month, down 0.4% from a year earlier, according to calculations by E-House China R&D Institute based on data released by the National Bureau Statistics (NBS).
The average new home prices in the cities rose month on month for four consecutive months in February – May before falling in June, according to E-House.
Among the 70 major cities, 31 cities saw new home price rise in June from the previous month, down from 46 in May, and 38 cities saw new home prices decline, compared to 24 in May, according to the NBS.
New home prices in the four tier-one cities stayed unchanged in June from the previous month, compared to 0.1% gain in the previous month, with prices in Beijing and Shanghai up 0.1% and 0.4%, while prices in Guangzhou and Shenzhen down 0.1% and 0.3%.
New home prices in tier-two cities remained unchanged in June, weakening from the 0.2% gain in May, and the price in tier-three cities declined by 0.1%, compared to zero change in May, according to the NBS.