Out of the 70 large and medium-sized cities surveyed, only 17 reported month-on-month increases in new home prices last month, a decrease from 20 in July, as reported by the National Bureau of Statistics (NBS).

In the first-tier cities of Beijing, Shanghai, Guangzhou, and Shenzhen, new home prices dipped by 0.2 percent on a month-on-month basis in August when compared to the previous month.

Among the second-tier cities, 31 of them experienced a 0.2 percent decrease in new home prices compared to July, while in the 35 third-tier cities, new housing prices decreased by 0.4 percent, marking a slight increase in the rate of decline compared to July's 0.3-percent drop.

When compared to August of the previous year, new home prices in first-tier cities increased by 0.6 percent, while second-tier cities saw a 0.3 percent increase. In contrast, new home prices in third-tier cities decreased by 1.4 percent.

The second-hand housing market also experienced a year-on-year decline in August, with resale home prices in both first and second-tier cities falling at a faster pace, down 1.6 percent and 3 percent, respectively, compared to the previous year. Third-tier cities saw the steepest decline, with prices dropping by 3.5 percent, according to NBS data.

To stimulate the property sector's healthy development, China introduced a series of measures in late August. These measures included reducing interest rates on existing mortgages for first-home loans and easing mortgage regulations. (ILKHA)