Prices of new residential properties for 70 medium-to-large-sized Chinese cities increased 8.6% year-on-year in February, down from a growth of 9.5% in January, according to data released by the National Bureau of Statistics.
Sixty-five cities witnessed higher home prices on a month-on-month basis in February, down from 64 in January.
The number of cities with lower home prices stood at four in February, down from six in January.
New home prices increased 21.5% year-on-year in tier I cities in February. At the same time, tier II and tier III cities saw prices increasing only by 9.2% and 4.6%, respectively.
China’s national average sale prices of new homes was RMB6,383 per square meters in February, down 3.8% year-on-year compared to an increase of 7.7% recorded for the whole year of 2013.