China's home prices rise 1 percent in June, highest since October 2016

BEIJING (Reuters) - China's new home prices rose 1 percent in June from a month earlier, up from an increase of 0.7 percent in the previous month, Reuters calculated from National Bureau of Statistics (NBS) data published on Tuesday.

The monthly growth was the highest since October 2016, Reuters calculation showed.

On a yearly basis, average new home prices in China's 70 major cities increased 5 percent, quickening from the 4.7 percent gain in May, when prices posted their fastest growth in nearly a year.

China's property market has slowly leveled off since the second half of last year as policymakers intensified controls to curb property bubbles and rein in credit risks.

(This story was refiled to clarify comparable period of growth in headline.)

(Reporting by Beijing Monitoring Desk; Editing by Sam Holmes)

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