Home prices in China's 70 major cities fell 0.07% in January, easing from a 0.08% drop in December, according to WSJ calculations based on National Bureau of Statistics data.

Month-over-month, 42 cities saw price declines, down from 43 in December. Year-over-year, prices fell 5.4%, compared to a 5.7% drop in December, with 68 cities reporting declines.

Analysts warn that the market downturn is not over. Nomura expects declines to persist into 2025, while Goldman Sachs notes that policy measures have helped stabilize secondary home prices but that lower-tier cities still face oversupply and weak demand.