Average home prices in 70 mainland cities fell 6.1% in April compared to a year ago, marking the eighth straight month of falling prices but also dropping by the same rate of decline as in March, Reuters reported, citing data from the National Bureau of Statistics. The slowed descent added to hopes that the property downturn of the last year may be bottoming out, but analysts warned any recovery would take time given a huge inventory of unsold homes. Prices in Beijing rose modestly for the second month in a row, while those in Shanghai rose for the first time in a year, but prices in many smaller cities continued to fall.
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