China’s new home prices fell for a third straight month in July, according to Reuters calculations of official data released Monday.
Prices nationwide fell an average 0.9 percent on month, following a 0.5 percent fall in June. On an annual basis, prices rose 2.5 percent, compared with a 4.2 percent gain in June. The Australian dollar, typically sensitive to China data, dipped to 0.9310 from 0.9320 before the data.
Prices in Beijing posted the first on-month fall this year, down 1 percent from June. While Shanghai priced dipped 1.2 percent, their third consecutive monthly fall. After skyrocketing in recent years, China’s property prices are falling, as government-imposed restrictions took the wind out of the frothy market.
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