China home prices dropped for a second month in July, a further sign of the deepening property downturn that’s weighing on the world’s second-largest economy.
New-home prices in 70 cities, excluding state-subsidized housing, fell 0.23% last month from June, when they slipped 0.06%, National Bureau of Statistics figures showed Wednesday. Prices slid 0.47% in the secondary market, according to the data.
The value of residential sales nationwide tumbled 43% in July from June to 654.5 billion yuan ($90 billion), the weakest monthly sales in almost six years, according to Bloomberg calculations based on separate official data Tuesday.
