China's August New Home Prices Continue to Fall, Property Slump Persists

New home prices across China fell 3.0% year-on-year in August, a slight moderation from July's 3.2% decline, according to Reuters calculations based on official data. On a month-on-month basis, national prices decreased by 0.1% in August, consistent with July's pace. This ongoing decline indicates that the property downturn remains a significant drag on domestic demand and household wealth, reinforcing deflationary pressures despite targeted credit and easing measures by policymakers.