China's home prices generally stable in June

BEIJING -- China's home prices in 70 large and medium-sized cities displayed a generally stable trend in June, the National Bureau of Statistics (NBS) said Friday.

In June, 31 out of the 70 cities saw a month-on-month growth in new home sales prices, up 6 from May, data from the NBS showed.

Four first-tier cities -- Beijing, Shanghai, Shenzhen and Guangzhou -- saw their new home prices edge up 0.5 percent month-on-month in June, widening 0.1 percentage points from May.

New home prices in 31 second-tier cities reversed the month-on-month decline in May to register a growth of 0.1 percent, while 35 third-tier cities saw a month-on-month decline of 0.3 percent, the same level as that in May.

Prices of resale homes in the four first-tier cities increased 0.1 percent in June. Second-tier and third-tier cities saw their prices of resale homes inch down 0.1 percent and 0.3 percent on a monthly basis, respectively.