The trading lull that usually accompanies China's Spring Festival holidays helped drag average property prices down in February, according to data released by China Real Estate Index System yesterday.
The average price of newly-constructed housing in 100 Chinese cities fell to 10,539 yuan per square meter in February, down 0.24 per cent on January and 3.84 per cent on a year earlier.
Of the 100 cities monitored, 39 experienced month-on-month price increases in February, five less that over the previous month.
In terms of annual growth, average house prices fell for the fifth consecutive month. Prices increased in only 13 cities in February, five less than the 18 that recorded year-on-year growth in January.
Analysts note however that due to the rate cut announced over the weekend, there are expectations that the market will begin to trend upwards in March.