New home prices in China edged down in June from the previous month, marking a second straight month of declines, and housing sales are likely to remain weak over the summer when demand is usually at a low ebb, according to a private survey, reports Reuters. The average price of new homes in 100 cities fell 0.01% in June, the same-sized decline that was seen in May, data from the China Index Academy showed on Saturday.
Forty-five cities reported price decreases. For the first half of the year, average prices were up 0.01% from the same period a year earlier.
“In the first quarter, market confidence, driven by a concentrated release of pent-up demand, gradually returned and prices appeared to be recovering,” the real estate research firm said.