Home prices continue to rise in major cities

Property prices in major cities rose for the 12th consecutive month in May, according to figures released on Monday by the China Index Academy, a Beijing-based real estate research institute.

The average price of new homes in 100 cities monitored by the academy was 10,180 yuan ($1,642) per square meter during May, up 0.81 percent over the previous month.

The month-on-month growth rate, according to the academy's figures, is down 0.19 percentage point from April.

A total of 77 cities saw price increases on a monthly basis in May, compared with 76 in April.

On a yearly basis, the growth was 6.9 percent in May, compared with a 5.34 percent year-on-year increase in April. It was the sixth time that the 100 cities saw a price hike on a yearly basis, with the growth rate further accelerating.

The average house price in key cities, including Beijing and Shanghai, was 17,202 yuan per sq m, an increase of 1.05 percent from the previous month up 9.68 percent over the same period last year.