China's July home prices rise 0.5% m/m, 4.8% y/y, touch slower from June

BEIJING, Aug 14 (Reuters) – China’s new home prices rose at a slightly slower monthly pace in July but growth remained steady, data showed on Friday, as consumer confidence continues to recover from the coronavirus crisis.

Average new home prices in 70 major cities rose 0.5% from July, compared with a 0.6% increase in June, Reuters calculations showed.

On an annual basis, home prices rose 4.8% in July, versus June’s 4.9% expansion.

With the economy getting back on more solid footing, analysts polled by Reuters expect China’s home prices to grow slightly more this year — 3.75% — than predicted a few months earlier.

However, policymakers are wary of overheating risks in the property sector after a flurry of stimulus measures, and some cities have recently begun tightening curbs on home purchases to check spiking prices. (Reporting by Hong Kong newsroom Editing by Shri Navaratnam)

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