China New Home Prices Fall 0.22% May Amid Slowing Market

China's new-home prices fell by 0.2% in May compared to the previous month, marking the most significant monthly decline in seven months and continuing a no-growth trend that has persisted since May 2023. The National Bureau of Statistics reported a 3.5% year-over-year decrease in new-home prices for May, a slight improvement from April's 4.0% annual decline, while used home prices dropped 0.5%, the sharpest fall in eight months. Despite several rounds of government policy support, including new measures introduced recently in Guangzhou, the property market remains stagnant with no clear sign of recovery. Senior government officials have renewed pledges to revive the sector amid these ongoing challenges. Market analysts expect mixed results in upcoming data releases, highlighting the ongoing uncertainty in China's real estate market.