Home price rises in most Chinese cities slow in July

Prices of homes in most of the nation's cities are still on the rise, but their month-on-month gains continue to narrow.

The National Bureau of Statistics released data on Sunday indicating that new home prices in 62 of the 70 cities it tracks registered month-on-month increases in July, while four remained unchanged and four showed declines.

On an annual basis, prices in 69 cities rose in July, though Wenzhou, Zhejiang province, was the only city to report a drop. In the secondary market, 57 cities out of 70 saw prices of pre-owned homes rise in July compared with June, and 67 posted year-on-year increases in pre-owned home prices in July.