China new home prices fall for 37th straight month, but at slower pace

China's property market continues its prolonged downturn, with new home prices falling for the 37th consecutive month in June. While the rate of decline slightly eased compared to May, prices in 70 selected cities still decreased by 0.15% month-on-month. Fifty of these cities saw price reductions, a marginal improvement from the 52 cities that experienced drops in the previous month.

In contrast, prices for existing homes saw a steeper decline of 0.32% in June, accelerating from the 0.26% drop in May. Only nine of the 70 analyzed cities, including major hubs like Shanghai, Shenzhen, Guangzhou, and Beijing, registered price increases for second-hand homes.

Authorities have implemented numerous measures to stabilize the real estate market, a sector crucial to the financial stability of Chinese households and a significant contributor to the national economy. Analysts estimate the property sector's indirect impact on China's GDP to be around 30%, highlighting the broad economic implications of its ongoing crisis.