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The average new home prices in China’s 100 major cities reached 16,179 yuan per square meter in June, falling 0.01% from the previous month, the same as the drop in May, and dropping 0.16% from a year earlier, according to data from China Index Academy.
The average price of second-hand homes reached 15,746 yuan per square meter, falling 0.25% from the previous month, also in line with the drop in May, and down 1.75% from a year ago, showed the data.
Local governments’ housing policy continued to optimize in June, but as most cities’ policy curbs have largely been removed, the frequency of policy adjustment has declined, said the academy.
The new home market remained sluggish and in the second-hand home market, home owners’ sentiment weakened further as home listings in some cities hit new record highs, it said.
Looking ahead, as July and August is a traditional low season for the housing market and homebuyers’ confidence will unlikely to improve notably if supportive policy is moderate and the downtrend will continue, it said.