In January, 48 cities out of the 70 monitored major cities reported month-on-month decreases in prices of new commercial residences, according to data from the National Bureau of Statistics. Meanwhile, prices stayed unchanged in the rest of the 22 cities.

As for second-hand homes, prices in 54  cities dropped month on month in January, and only five cities saw their prices head north. Prices stayed unchanged in 11 cities.

Policymakers have pledged to continue with a stringent clampdown on the real estate market, despite acute woes of many property developers.

Yin Zhongli, a research fellow with the Chinese Academy of Social Sciences, said housing prices might see steeper falls in the second half of this year if the government maintains tightening measures.