BEIJING, Aug 18 (Reuters) - Average new home prices in China’s 70 major cities dropped 0.9 percent in July from June, a third consecutive monthly drop following June’s drop of 0.5 percent, according to Reuters calculations from official data published on Monday.
Compared with a year ago, home prices were up 2.5 percent in July, easing from the previous month’s 4.2 percent rise, according to Reuters calculations.
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.
The National Bureau of Statistics said new home prices in Beijing rose 4.0 percent in July compared with a year earlier, compared with June’s increase of 6.4 percent. They dropped 1.0 percent from June.
Shanghai’s home prices were up 4.1 percent in July from a year ago, versus 7.0 percent in June. They fell 1.2 percent from June, the third month-on-month fall in a row. (Reporting By Xiaoyi Shao and Koh Gui Qing)