A property project under construction in Hangzhou, Zhejiang province. LONG WEI/FOR CHINA DAILY
BEIJING - The overall year-on-year decline in home prices across major Chinese cities continued to narrow in June, official data showed Wednesday, adding to signs of a gradual stabilization in the property market.
Data from the National Bureau of Statistics showed that new home prices in China's four first-tier cities, namely Beijing, Shanghai, Guangzhou and Shenzhen, fell 1.3 percent from a year earlier in June, with the decline narrowing by 0.4 percentage points from May. Prices of existing homes in the four cities dropped 4.9 percent, with the pace of decline easing by 0.9 percentage points.
Among the 31 second-tier cities and 35 third-tier cities tracked by the bureau, year-on-year declines in both new and existing home prices also narrowed from the previous month, except for new homes in third-tier cities, where the rate of decline remained unchanged.
On a monthly basis, home prices in first-tier cities edged up in June, while those in second and third-tier cities either declined or were unchanged, according to the data.
