NEW home prices in China rose slightly for a third straight month in November, a private survey showed Friday.

This comes as the property sector seeks to stabilize amid a slew of government support measures over the past months.

Prices rose 0.05% on average from a month ago after gains of 0.07% and 0.05%, according to the survey by real estate research firm China Index Academy.

Only 38 of the 100 cities surveyed reported increases in new home prices.

China’s property sector makes up about one-quarter of the world’s second-biggest economy.

Authorities, particularly those in major cities, have embarked on a string of steps to bolster demand, including allowing smaller down payments, easing curbs on home buying such as the number of homes that can be bought, lowering borrowing costs and encouraging the extension of loans.

But most analysts believe these actions must be complemented by stronger fiscal and monetary action.

“There is still room for easing property policies in major cities in 2024 ... The market in first and second tier cities will continue to outperform third and fourth cities next year,” said Huang Yu, an analyst at China Index Academy.

China Index Academy said in a report the policy direction for the national property market was clear, and support from the supply and demand sides was expected to continue until the market shows recovery.

A poll of 11 economists, conducted Nov. 20-28 and released Wednesday, showed prices of new homes are now expected to climb 3% this year. (SD-Agencies)