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Home prices drop for first time since 2005

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Decline averages 0.4pc across 70 mainland cities

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Home prices in 70 mainland cities fell an average of 0.4 per cent last month compared with December 2007, the first decline for the group as a whole in 31/2 years, the National Development and Reform Commission said.

The fall followed a 0.2 per cent rise in November from a year earlier. Prices fell 0.5 per cent from November, the same decline recorded between October and November.

Prices for new homes last month fell 0.8 per cent year on year and 0.7 per cent month on month. In the secondary market, prices fell 0.1 per cent year on year and 0.3 per cent month on month.

Analysts said the market could reach bottom in the second half as the government's stimulus measures take hold. However, a full recovery was not expected until next year.

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Prices in the 70 cities started falling in August, the NDRC said.

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