China's housing prices suffer their steepest fall in 6 years

New housing prices in China continued to fall in August, showing the biggest drop in the last 6 years. According to data compiled by the National Bureau of Statistics from 70 major cities in China, the average price of new homes fell 2.1 percent in August compared to the same period last year. Prices had fallen 1.67 percent in July. The number of cities where new housing prices fell in August compared to the previous year fell from 22 in July to 21. The average price of new homes continued to fall compared to the previous month. Prices, which have been falling for the last 12 months, fell 0.29 percent in August compared to July. There was a 0.11 percent decrease in July compared to the previous month. In August, prices in 19 out of 70 cities showed a decrease compared to the previous month.