BEIJING, Sept 18 (Reuters) - Average new home prices in China’s 70 major cities fell 1.1 percent in August from July, a fourth consecutive monthly drop, according to Reuters calculations from official data published on Thursday.
Compared with a year earlier, home prices were up 0.5 percent in August, easing from the 2.5 percent annual rise seen in July, Reuters calculations showed.
After a strong performance in 2013, China’s real estate market has softened as sales have slowed and banks have become increasingly cautious about lending to developers and homebuyers.
The National Bureau of Statistics said new home prices in Beijing were 2.1 percent higher in August compared with a year earlier, versus July’s increase of 4.0 percent. They dropped 0.9 percent from July.
Shanghai’s home prices were up 1.5 percent in August from a year ago, versus 4.1 percent in July. They fell 1.1 percent from July, the fourth month-on-month fall in a row.
Reporting By Xiaoyi Shao and Koh Gui Qing; Editing by Eric Meijer