Chinese cities see decline in home prices last month

(MENAFN) On Thursday, the National Bureau of Statistics (NBS) released data indicating that major Chinese cities experienced a decline in home prices in July compared to the previous month. This downward trend in property values reflects ongoing challenges in the housing market, as several urban areas see a reduction in real estate prices. The data highlights a continued adjustment in the property sector amid broader economic conditions.

When analyzed on a year-over-year basis, the decrease in China's home prices has slightly expanded overall. This annual decline underscores a persistent trend in the real estate market, with prices continuing to fall relative to the previous year. The broader reduction in home prices reflects underlying market dynamics and economic pressures affecting the housing sector.

However, the situation in first-tier cities presents a more nuanced picture. According to the NBS, the year-on-year decline in the sales prices of second-hand residential properties in these top-tier cities has continued to narrow as of last month. This indicates a slowing rate of price decrease in these major urban centers, suggesting some stabilization in the high-end property market.

Overall, while the general trend shows falling home prices across major cities in China, the data also points to a slight moderation in the decline within first-tier cities. This mixed picture reflects varying conditions within the housing market and highlights ongoing efforts to address real estate challenges in different regions of the country.

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