China’s home prices slide 0.3% in August, extending weak trend

BEIJING (Reuters) -China’s new home prices fell 0.3% in August from the previous month, official data showed on Monday, as weakness in demand persisted, indicating that the housing market remained a drag on growth.

The figure, calculated by Reuters from National Bureau of Statistics data, matched July’s month-on-month decline and extended a downward trend that has persisted since May 2023.

On an annual basis, new home prices dropped 2.5% in August, versus a 2.8% decline in July.

(Reporting by Liangping Gao, Yukun Zhang and Ryan Woo; Editing by Sam Holmes)