New-home prices in major Chinese cities fell 0.12 percent in April on average from the previous month, after a 0.16 percent month-on-month decline in March, data showed Monday.
On a year-on-year basis, the decline in home prices however continued to widen in April for the eighth straight month, as they fell 6.3 percent, according to the National Bureau of Statistics.
In March, new-home prices fell 6.1 percent on average.
Private-sector home prices fell in 48 out of the 70 cities in April on a month-over-month basis, compared with declines in 50 cities in March, the Wall Street Journal reported.
On a year-over-year basis, home prices fell in 69 out of the 70 cities in April, compared with declines in all 70 cities in the previous month.
Chinese developers had been hurt by the property market correction that started in 2014, when housing sales nationwide fell 7.8 percent to 6.24 trillion yuan (US$1 trillion), the Journal noted.
Now, the market is showing signs of improvement, but mostly in top-tier cities such as Beijing, Shanghai and Shenzhen.
Smaller cities, plagued by hefty inventories, are still struggling with falling sales and prices, the report said.
– Contact us at [email protected]