Prices for new buildings in China fall for the 13th consecutive month in July

BEIJING (Reuters) – New home prices in China fell for the 13th consecutive month in July, official data showed on Thursday, as supportive policy measures failed to stabilize the market and restore confidence in the crisis-hit sector.

According to Reuters calculations based on data from the National Bureau of Statistics (NBS), new home prices fell 0.7 percent in July from the previous month, following a 0.7 percent decline in June.

Year-on-year, new home prices fell 4.9 percent, following a 4.5 percent decline in June.

Beijing is stepping up efforts to support the sector, which at its peak accounted for a fifth of the economy, by cutting mortgage rates and home-buying costs, among other things.

These measures have led to increased demand in major cities, but interest remains sluggish in smaller towns.

(Reporting by Ella Cao, Liangping Gao and Ryan Woo; Editing by Jacqueline Wong)