BEIJING–The decline in China’s new-home prices widened in June as the embattled property sector continued to struggle to shrug off the impact of last year’s regulatory crackdown, despite Beijing’s supportive measures to counter plummeting home prices.
Average new-home prices in 70 major cities fell 1.29% in June from a year earlier, compared with May’s 0.79% decrease, according to Wall Street Journal calculations based on data released Friday by China’s National Bureau of Statistics.
Meanwhile, fewer Chinese cities reported yearly growth. New-home prices rose in 21 of 70 cities last month, compared with 23 cities in May.
On a monthly basis, average new-home prices fell for a tenth consecutive month. Prices dropped 0.10% in June, narrowing from May’s 0.17% decline, the statistics bureau said.
Overall, home prices largely stabilized in June, said Sheng Guoqing, an analyst at the statistics bureau.
More cities reported monthly growth. Thirty-one of the 70 cities recorded a month-over-month increase in home prices in June, up from 25 cities in May.
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