China's home prices fell at a faster pace in major cities, as a prolonged housing slump continued to weigh on the world's second-largest economy.

New home prices in 70 major Chinese cities dropped 0.22% in May from the prior month, widening from the 0.12% decline in April, according to calculations by The Wall Street Journal based on data from the National Bureau of Statistics on Monday.

There were 53 cities reporting month-over-month price declines in May, up from 45 recorded in April.

When compared with a year earlier, home prices in these cities fell 4.1% in May, compared with the 4.5% year-over-year fall in April. Of the 70 cities, 67 reported annual price declines, the same number as April, according to the calculations based on the official data.

Separate data from China's statistics bureau on Monday showed new home sales by value dropped 2.8% in the first five months of the year, after falling 1.9% in the January-April period.

Property investment fell 10.7% in the January to May period, worsening from a 10.3% decline in the first four months.

New construction starts by property developers dropped 22.8% in the first five months, versus the 23.8% decline recorded over the January-April period.

Write to Singapore Editors at singaporeeditors@dowjones.com

(END) Dow Jones Newswires

June 15, 2025 22:24 ET (02:24 GMT)

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