China's home prices have defied austerity policies and continued heading north.

In February, 56 out of 70 major cities witnessed month-on-month increases in prices of new commercial residences, while only eight reported declines. Prices stood unchanged in six cities, said the National Bureau of Statistics (NBS).

As for second-hand homes, prices kept climbing in 50 cities in February from January, and only four cities saw their prices drop.

The NBS has stopped releasing national average property prices, which do not reflect sharp differences between cities and may lead to misunderstanding.

In attempts to let air out of the property bubble, the policymakers are trying a variety of options. In the latest move, the government ordered to raise the minimum down payment for second-home buyers to 60 percent from 50 percent of the property's value and approved the launch of property taxes in Shanghai and Chongqing. The country has also pledged to bump up supplies of affordable houses and put a damper on financing to property developers.

Liu Yuan, a senior manager of the Centaline Group, a Hong Kong-based property agency, said excess liquidity shored up house prices, though the transaction volume shrank sharply.

Over the long term, the wealth boom of residents and fast urbanization will remain drivers of house prices, he said.

"Home buyers and sellers are now stuck in the stalemate, waiting for the other side to compromise first," said Yang Hongxu, an analyst with Shanghai-based E-house China Research and Development Institute. "The turning point is likely to arrive in April or May, with more property developers offering discounts to stimulate sales as their cash flow gradually tightens."