Home prices in 70 major Chinese cities fell in May from the previous month - Chinese media

According to the housing price trend report for May released by the National Bureau of Statistics, housing prices in 70 major cities in China fell from the previous month, while the rate of decline compared to the same month last year continued to shrink.
New home prices in first-tier cities fell 0.2% month-on-month. Shanghai rose 0.7%, Beijing fell 0.4%, Guangzhou fell 0.8%, and Shenzhen fell 0.4%.
Second-hand home prices in first-tier cities fell 0.7%, an increase of 0.5 percentage points from the previous month. Beijing fell 0.8%, Shanghai fell 0.7%, and Guangzhou fell 0.7%.
New home prices in second-tier cities fell 0.2% year-on-year, while second-tier city prices fell 0.5%, a 0.1 percentage point increase from the previous month.
New home prices in third-tier cities fell 0.3%, an increase of 0.1 percentage points from the previous month. Used home prices fell 0.5%, an increase of 0.1 percentage points from the previous month.
Meanwhile, looking at housing prices in each city compared to the same month last year, new housing prices in "first-tier cities" fell 1.7% compared to the same month last year, a decline of 0.4 percentage points smaller than the previous month.
"Tier 3 cities" fell 4.9%, shrinking the decline by 0.5 percentage points.
In addition, second-hand housing prices in first-tier cities fell 2.7% year-on-year, the decline was smaller than the previous month.
The decline in second-tier cities was 6.1%, a 0.4 percentage point reduction in the rate of decline. The decline in third-tier cities was 6.9%, a 0.5 percentage point reduction in the rate of decline.