China home prices decline in February

New home prices were flat in Wuhan and Luzhou last month, while Shenzhen and Ganzhou saw prices inch up 0.2 percent and 0.1 percent respectively from January, the NBS data showed.

For existing homes, 61 cities saw price declines in February on a monthly basis, while five cities posted gains, and four reported flat prices.

"Although the overall market eased in the beginning of the year, as policies loosen further and new launches pick up in March, the property market is expected to see a recovery," said consultancy China Real Estate Index System (CREIS).

Sino-Ocean Land also forecast a slight rise in prices for top-tier cities in 2015 in an earning statement on Tuesday.

Shanghai-based developer CIFI Holdings said last week it plans to raise prices by 10 to 15 percent this year.

China's central bank cut interest rates for the second time in just over three months at the end of February, in an effort to support the economy and ward off deflation.

Related: China home price keeping downward in January

China's real estate market has continued a downward trend with new home prices in January registering month-on-month declines in most of surveyed cities.

Of 70 large and medium-sized cities surveyed, 64 saw new home prices drop in January from the previous month, according to data released on Tuesday by the National Bureau of Statistics (NBS).

Meanwhile, new home prices were flat in Shanghai, Nanjing, Nanchang and Guangzhou last month, while Shenzhen and Ganzhou saw prices rise 0.3 percent and 0.2 percent respectively from December, the NBS data showed.

For existing homes, prices in 61 cities declined in January from the previous month, while six cities recorded gains, and three saw prices flat.