New home prices in China edged down in June from the prior month, for the second month in a raw, and housing sales are likely to remain weak over the summer when demand is usually at a low ebb, Invest-Gate reports.

The average price of new homes in 100 cities declines by 0.01% in June, the same decline seen in May, according to data released from the China Index Academy showed on July 1, 2023.

The real estate research firm says, “In the first quarter, market confidence, driven by a concentrated release of pent-up demand, gradually returned, and prices appeared to be recovering.”

“In the second quarter, the pace of market recovery slowed, and there was not enough momentum for prices to rise,” the firm adds.

It is worth noticing that local governments have rolled out hundreds of measures to support the sector, and the scrapping of harsh COVID curbs in December has helped somewhat; positive investor sentiment towards the industry has been short-lived.