China's Home Prices Decline Faster in May, New Home Prices Down 3.9% Y/Y

Jun 17, 2024, 01:32 AM

China's new home prices in May fell by 0.71% month-over-month, a steeper decline compared to the previous month's drop of 0.58%. Used home prices also saw a significant decrease, falling by 1.00% month-over-month, compared to a 0.94% decline in April. Year-over-year, new home prices dropped by 3.9%, exceeding the previous year's decline of 3.1%. These figures indicate a faster rate of decline in both new and used home prices compared to the previous month. The year-over-year forecast was not provided.