(Bloomberg) -- China’s home sales continued to fall in April, underscoring why top policymakers are stepping up efforts to revive the market.

The value of new-home sales from the 100 biggest real estate companies slid about 45% from a year earlier to 312.2 billion yuan ($43.1 billion), following a 46% decline in March, according to preliminary data from China Real Estate Information Corp. Transactions fell 13% from March. 

In the latest move to support the real estate sector, the ruling Communist Party vowed to study measures to tackle the nation’s excess housing inventory, according to a readout of a Politburo meeting on Tuesday. 

Read more: China’s Top Leaders Hint at Property Support, Rate Cuts 

China’s housing slump is into its third year, weighing on the economy and exacerbating a liquidity crisis among developers. Worries over home values and unfinished apartments are keeping buyers at bay, dashing hopes for signs of a turnaround during the spring busy season. 

Local governments, developers and financial institutions should abide by their duties to ensure the delivery of homes, the party’s 24-member top decision-making body agreed, according to a Xinhua News Agency report.

Property stocks pared losses after the report, a day after rallying the most in more than a year on expectations of further policy easing. While the government has trickled out a spate of measures to help developer financing needs and boost demand, it’s refrained from rolling out any big bazooka moves to stimulate the market. 

--With assistance from Evelyn Yu.

©2024 Bloomberg L.P.