Major Chinese cities report narrowed home price declines in August

BEIJING -- Major Chinese cities continued to report narrowed year-on-year declines in overall home prices in August, official data showed Tuesday.

In the first-tier cities of Beijing, Shanghai, Guangzhou and Shenzhen, new home prices fell 0.9 percent year-on-year, 0.2 percentage points narrower than the previous month, according to data released by the National Bureau of Statistics (NBS).

Second-hand home prices in the four cities dropped 2.7 percent year-on-year overall, with the decline narrowing from 3.7 percent in July.

As to second- and third-tier cities, price declines in both new and second-hand homes moderated compared with July.

On a monthly basis, home prices in first-tier cities rose in August, while second- and third-tier cities generally registered narrowed declines.

Among 70 large and medium-sized cities tracked, 21 recorded flat or rising new home prices month on month in August, two fewer than the previous month. Eight cities saw flat or rising second-hand home prices, unchanged from July.

The NBS releases a monthly home price report tracking market changes in 70 major cities, including four first-tier cities, 31 second-tier cities and 35 third-tier cities.