Key cities report narrowed home price declines last month

China's major cities continued to report reduced year-on-year declines in overall home prices in September, according to the National Bureau of Statistics.

In the first-tier cities of Beijing, Shanghai, Guangzhou and Shenzhen, new home prices fell 0.5 percent year-on-year, 0.4 percentage points narrower than the previous month, while the decline in second-hand home prices narrowed from 2.7 percent to 1.5 percent in September.

As for second and third-tier cities, price declines for both new and second-hand homes moderated compared with August.

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