New home prices fall for 16th consecutive month
Home prices down 5.9 in October yearonyear
Monthonmonth price decline is slowest since March
Property sales fall at a slower pace in JanOct

BEIJING, Nov 15 Reuters China39;s new home prices fell the most yearonyear in October since 2015, but a narrowing monthly rate of declines suggested the property sector was beginning to stabilise with a barrage of support from the government.

In annual terms, new home prices slid 5.9 in October, in their 16th consecutive month of declines, after a 5.8 drop in September.

However, monthonmonth, new home prices were down 0.5 in their slowest decline since March, after dipping 0.7 in September, according to Reuters calculations based on National Bureau of Statistics NBS data.

The monthonmonth fall in home prices narrowed in large, medium and small cities tierone, tiertwo and tierthree cities, said NBS in its accompanying statement.

In a sign of a potential shift in sentiment, NBS said 75.9 of respondents in its poll expect new home prices to remain stable or rise in the next six months, up 17.6 percentage points from the previous poll.

Three of the 70 cities surveyed posted growth in yearonyear home prices in October, up from two cities the previous month.

The government said the data showed policies introduced to support the property sector, which plunged into crisis in 2021, were starting to have an effect.

The property market was stabilising and there were early signs that…