Long-upward housing price trend cools

Slight tick downward may signal new pattern that will persist, analyst says

The market for previously owned homes in China's first-and second-tier cities showed signs of cooling in January, as sale prices dropped for first time in 45 months, signaling a stable year for housing prices, experts said.

According to the most recent figures from the National Bureau of Statistics, Beijing, Guangzhou and Shenzhen saw month-on-month price drops for existing housing of 0.1 percent, 0.3 percent and 0.3 percent, respectively, from December. Thirty-one second-tier cities have also saw an average drop of 0.1 percent in previously owned property prices.