China new-home prices drop by most in more than seven years

New-home prices in China suffered their steepest decline in more than seven years in September‚Äč, even as the government rolled out more policies to boost the embattled property sector and stimulate home-buyer demand.

Average new-home prices in 70 major cities in ‚ÄčSeptember fell 2.‚Äč30‚Äč% from a year earlier, after declining 2.10‚Äč% in ‚ÄčAugust, according to Wall Street Journal calculations based on data released ‚ÄčMonday‚Äč by China‚Äôs National Bureau of Statistics.

Fewer Chinese cities reported growth than a year ago. New-home prices rose in 2‚Äč0‚Äč out of 70 cities last month versus 2‚Äč1‚Äč cities in ‚ÄčAugust‚Äč.

Compared with the previous month, average new-home prices fell for the 1‚Äč3‚Äčth consecutive month. Prices dropped 0.2‚Äč8‚Äč% in ‚ÄčSeptember‚Äč, ‚Äčnarrowing from‚Äč ‚ÄčAugust‚Äôs 0.‚Äč29‚Äč% decline, the statistics bureau said.

Fewer cities reported growth from the month before. ‚ÄčFifteen‚Äč‚Äč of the 70 cities recorded a month-over-month increase in home prices in ‚ÄčSeptember, down from ‚Äč19‚Äč cities in ‚ÄčAugust‚Äč.

Write to Bingyan Wang at bingyan.wang@wsj.com

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