Key insights
- China's new home prices declined at a slower pace in April, signaling potential stabilization in the housing market. However, demand remains weak despite government efforts. The slight improvement could temper concerns about a sharp economic slowdown in China, indirectly providing marginal support to global markets, but the overall impact on US equities is limited.
BEIJING, May 18 (Reuters) - China’s new home prices extended their decline in April, but fell at the slowest monthly pace in a year, official data showed on Monday, offering an early sign of improvement even as housing demand remained subdued despite efforts by cities across the country to boost sales and shore up sentiment.
New home prices dipped 0.1% in April from the previous month, narrowing from a 0.2% drop in March and marking the slowest decline since April last year, Reuters calculations based on data released by the National Bureau of Statistics showed.
On an annual basis, prices fell 3.5%, compared with a 3.4% decline in March, marking the steepest drop in 11 months.