BEIJING, July 18 (Reuters) - Average new home prices in China’s 70 major cities dropped 0.5 percent in June from May, marking the second consecutive monthly drop following May’s drop of 0.2 percent, according to Reuters calculations from official data published on Friday.
Compared with a year ago, home prices rose 4.2 percent in June, easing from the previous month’s 5.6 percent rise, according to Reuters calculations.
The National Bureau of Statistics said new home prices in Beijing rose 6.4 percent in June compared with a year earlier, compared with May’s increase of 7.7 percent. They rose just 0.1 percent from May.
Shanghai’s home prices were up 7.0 percent in June from a year ago, versus 9.6 percent in May. They fell 0.6 percent from May, the second month-on-month fall in a row.
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 home-buyers. (Reporting By Xiaoyi Shao and Kevin Yao; Editing by Jason Subler)