Major Chinese cities reported falling home prices in June with narrowing declines, official data showed on Monday.
On a monthly basis, more cities reversed the declining trend in home prices. In terms of new homes, 64 out of 70 major cities saw their prices decline, while in terms of resold homes, 66 out of 70 major cities saw their prices fall, the National Bureau of Statistics said.
New home prices in China's first-tier cities, namely Beijing, Shanghai, Guangzhou and Shenzhen, fell 0.5 percent month-on-month, 0.2 percentage points narrower than the previous month. Prices in third-tier cities also witnessed smaller declines.
Second-hand home prices fell by 0.4 percent month on month in first-tier cities, with the decline narrowing by 0.8 percentage points from the previous month. Especially, Beijing and Shanghai saw prices rise for the first time this year, up by 0.2 percent and 0.5 percent, respectively.
On a yearly basis, new home prices decreased in most cities in June. As for second-hand homes, their prices in first-tier cities fell by 9 percent year on year, with the decline narrowing by 0.3 percentage points from the previous month.
