BEIJING--New home prices in China fell for the third month in a row in November, logging the sharpest drop in well over six years as the downturn in the country's property sector worsened under Beijing's clampdown.
Average new home prices in 70 major cities edged down 0.33% in November from the previous month, China's National Bureau of Statistics said Wednesday, widening from October's 0.25% decrease. November's drop is the steepest since February 2015, when prices slid 0.5%.
Fewer cities reported price growth in November. Only 9 of the 70 cities recorded a month-on-month price increase in November, up from 13 in October, the bureau said.
Compared with a year earlier, average new home prices rose 2.40% in November, slowing from October's 2.84% increase.
New home prices rose in 54 of 70 cities in November from a year earlier, compared with 56 in October.
The downward spiral in the housing market has spurred a broader economic slowdown that has prompted local governments to introduce measures to curb the free fall of home prices in recent months and forced Beijing to shift policy direction in December.
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(END) Dow Jones Newswires
12-14-21 2107ET
