6月份中国新房价格连续第四年下跌。同比和环比下跌的适度缓解提供了一个微弱的迹象，表明恶化的速度正在放缓而不是加快，但更广泛的趋势仍然是负面的，与市场仍在寻找底部的趋势是一致的。鉴于与房地产相关的家庭财富规模，持续的价格下跌不断加剧自2021年以来对消费者信心造成压力的负面财富效应，使北京将增长转向国内消费的努力变得更加复杂。

New home prices in China fell for a fourth straight year in June.The modest easing in both the year-on-year and month-on-month declines offers a marginal sign that the pace of deterioration is slowing rather than accelerating, but the broader trend remains firmly negative and consistent with a market still searching for a bottom. Given the scale of household wealth tied up in property, continued price falls keep reinforcing the negative wealth effect that has weighed on consumer sentiment since 2021, complicating Beijing's efforts to shift growth toward domestic consumption.