China's Home Prices Fall at Faster Pace Despite Revival Efforts

China's home prices fell at a quicker pace in February, worsening for the first time in six months despite the country's latest efforts to prop up the market.

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BEIJING -

New-home prices in 70 cities, excluding state-subsidised housing, dropped 0.14 per cent from January, when they dipped 0.07 per cent, National Bureau of Statistics figures showed on March 17. Values of used homes fell 0.34 per cent, the same pace as a month earlier.

Continued price declines may dampen hopes that the real estate market is bottoming out. Policymakers are struggling to contain the downturn at a time when deflationary pressure is adding to the economic gloom.