(Yicai Global) Sept. 16 -- Although local governments have introduced more policies to stabilize the real estate market, official data show that in August, new housing prices fell in 50 of China's 70 large and medium-sized cities, hitting a new high since March 2015.

In 50 cities among the 70 monitored big and medium-sized municipalities,  new house prices monthly declined in August, rising by 10 cities from July to the highest number since March 2015, according to data that the National Bureau of Statistics released today.

The trend was similar for second-hand homes as the number of cities with falling prices increased by five to 56.

The property market continues to cool as the real estate climate index smashed the previous one-year low to stand at 95.07 in August, based on the NBS data.

As price cuts were extended to more cities, the market is under pressure to stop the declines and stabilize, said Zhang Bo, dean of a branch of 58 Anjuke Institute. Destocking pressures remain relatively big among property developers as the area of unsold homes rose by 8 percent as of Aug. 31 from a year ago, Zhang added.

In the four first-tier cities of Beijing, Shanghai, Guangzhou, and Shenzhen, new homes became 0.1 percent more expensive than in July, rising slower than a month earlier. Pre-owned home prices remained unchanged from a month earlier.

Shanghai was a leader among the large cities as prices of fresh apartments climbed by 0.6 percent from July. Beijing was No. 2 with a 0.4 percent hike. In Guangzhou and Shenzhen, prices declined by 0.2 percent and 0.4 percent, respectively.

In second-tier cities, new residential housing became 0.2 percent cheaper after remaining flat a month before. Pre-owned home prices dropped by 0.3 percent after sliding by 0.2 percent in July from June.

Editor: Emmi Laine, Xiao Yi