China’s Sept new home prices fall for third straight month

New home prices in China fell for the third straight month in September as a mortgage boycott across the country and a slowing economy discouraged potential home buyers, a private survey showed on Saturday.

China’s property market crisis worsened this summer, with official data showing home prices, sales and investment all falling in August, adding pressure on the world’s second-largest economy, which barely grew in the second quarter.

Prices in 100 cities fell 0.02% in September from a month earlier, after declines of 0.01% in July and August, respectively, according to a survey by China Index Academy (CIA), one of the country’s largest independent real estate research firms.

Among the 100 cities, 56 cities posted a fall in monthly prices, compared with 69 in August, the survey showed.

Official new home prices for September will be released by the National Bureau of Statistics on Oct. 19.

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