AsianFin -- China's new home prices dropped in February, official data showed on Monday, as government measures and promises of further stimulus failed to revive demand in the struggling property sector.

Prices fell 0.1% from the previous month, following two months of relative stability, according to Reuters calculations based on National Bureau of Statistics (NBS) data. Year-on-year, prices declined 4.8%, slightly less than the 5.0% drop recorded in January.

Many local governments provide unofficial guidance to developers on price adjustments, making new home prices an imperfect indicator of market demand.

NBS data also revealed a broad decline in resale home prices across tier-one, tier-two, and tier-three cities, signaling a persistent downturn on both a monthly and annual basis.

China’s prolonged property crisis has significantly impacted the world's second-largest economy. In its annual work report this month, the government identified stabilizing the housing market as one of its key priorities for the year.