China’s new home prices fall again in September as recovery stays elusive

BEIJING, Oct 19 (Reuters) China s new home prices fell again in September, marking more than three years without a monthly or annual increase, suggesting policy ​support has yet to generate a broad-based recovery ‌in housing demand. New home prices dropped 0.1% month on month, matching the pace of decline in August, according to Reuters calculations based on data released by the National Bureau of Statistics. On an annual basis, prices ‌fell ​2.8%, narrowing from a 3.0% drop ⁠in August, extending a ⁠decline since June 2023. The housing market s prolonged downturn has become one of China s biggest economic challenges, depressing consumer confidence and local government revenues. Prices of new and resale ​homes in the country s biggest cities continued to show signs of stabilisation, likely boosted by Shanghai s further easing of ⁠homebuying restrictions and incentives such ⁠as subsidies announced in August. In smaller cities, ​however, both new and resale home prices continued to fall