AsianFin -- China’s new home prices fell at their fastest pace in eight months in June, highlighting the persistent weakness in the property market despite repeated efforts by policymakers to revive demand.

Prices declined 0.3% from the previous month, according to Reuters calculations based on data released Tuesday by the National Bureau of Statistics. The drop marks an acceleration from May’s 0.2% fall and extends a prolonged downturn that began in May 2023.

The data underscores the ongoing pressure on the real estate sector, a key pillar of the world’s second-largest economy, as stimulus measures have so far failed to reverse the slide in housing demand.