Key insights
- China's new home prices continued to decline in March, signaling weak demand and a deepening property market downturn. While major cities showed slight improvement, the overall trend points to continued economic headwinds in China, potentially impacting global growth and indirectly influencing US equities through reduced demand for commodities and slower global economic expansion.
BEIJING, April 16 (Reuters) - China’s new home prices extended their decline in March, official data showed on Thursday, although major cities showed some month-on-month improvement.
Weak demand continued to weigh on the property market.
According to Reuters calculations based on data released by the National Bureau of Statistics, new home prices fell 0.2% in March from the previous month, compared with a 0.3% decline in February.
On an annual basis, prices dropped 3.4%, deeper than February’s 3.2% fall and the sharpest decline in ten months.