China’s new home prices fell in August at the fastest rate since November 2021

New home prices in China fell in August at the fastest pace since November 2021 as the property sector suffered from weak demand, mortgage sanctions, and tighter COVID-19 restrictions.

The National Bureau of Statistics (NBS) released Friday that new home prices fell 0.3% in August from the previous month of July.

New home prices fell 1.3% in August from a year earlier. This is the fastest rate since August 2015, when they had risen by 0.9% in July.

The real estate sector has been hit with mortgage sanctions as homebuyers withhold payments on stalled projects.

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