In an alarming turn for the Chinese real estate market, house prices fell sharply by 4.5% year-over-year in June 2024, marking a new low point in the nation's recent property slump. This follows a 3.9% decline recorded in May 2024, signaling a troubling acceleration in the downward trajectory.
The data, updated on 15 July 2024, underscores growing concerns among homeowners and investors alike. While the previous month's figures had already hinted at potential troubles, June's sharper decline emphasizes the urgent need for policy intervention and market stabilization.
Economists and industry analysts are closely monitoring the situation, as the continued depreciation in house prices might affect broader economic sectors and consumer confidence. All eyes are now on forthcoming government actions to see if measures will be introduced to curb the decline and stabilize one of the largest and most critical pillars of China's economy.
