China's Home Prices Fall Sharply in May, Fastest Decline in 10 Years

Jun 17, 2024, 02:10 AM

China's home prices fell at a faster pace in May, with new home prices dropping 0.71% month-on-month and 3.9% year-on-year. Existing home prices also saw a significant decline of 1% month-on-month. This marks the fastest decline in new home prices in nearly 10 years and the steepest drop in existing home sales in at least 13 years. Despite the government's efforts to support the property market, demand has yet to revive, leading to these sharp decreases in home values. The National Bureau of Statistics reported that 70 large and medium-sized cities recorded month-on-month declines in both new and second-hand home prices.