BEIJING, Oct 19 Reuters China39;s new home prices fell for the third straight month in September, official data showed on Thursday, dashing hopes of a turnaround in demand during a traditionally peak home buying period despite efforts to revive the crisishit property sector.

New home prices fell 0.2 monthonmonth but narrowed from a 0.3 drop in August, according to Reuters calculations based on National Bureau of Statistics NBS data. Prices were down 0.1 from a year earlier, matching August39;s decline.

The home prices data comes a day after separate figures showed property sales and investment extended doubledigit declines, a sign the world39;s secondbiggest economy is not out of the woods yet despite upbeat headline gross domestic product data.

China has quickened the pace of policy stimulus in recent weeks, by relaxing borrowing rules and lifting homepurchasing curbs in some cities, in attempts to boost battered buyer sentiment, which analysts say has started to show signs of stabilisation.

Whether the property market fully recovers depends on the performance in the fourth quarter Q4, and new home prices may fall slightly for the full year of 2023, said Ma Hong, senior analyst at Zhixin Investment Research Institute.

September and October are traditionally peak months for newhome sales in China, with developers offering promotions and releasing new properties on to the market.

Of the 70 cities in the home price data, 54 reported declines in prices last month, up…