[China Index Research Institute: New home prices in 100 cities increased by 0.15% month-on-month in August] September 1st, the latest data from the China Index Research Institute showed that the property market entered the traditional off-season in August, and some key cities such as Shanghai, Hangzhou, Chengdu, and Tianjin still had high-quality properties entering the market, driving the price of new homes in 100 cities to continue to structurally rise month-on-month. The average price of new homes in 100 cities was 17,255 yuan/square meter, an increase of 0.15% month-on-month and a year-on-year increase of 2.04%. The price of newly built residential properties in first-tier cities increased by 0.39% month-on-month and 5.30% year-on-year. Among them, Shanghai, Beijing, and Guangzhou increased by 0.53%, 0.25%, and 0.13% month-on-month respectively. The increase in new home prices was still mainly driven by new high-priced properties entering the market. Second-tier cities rose 0.09% month-on-month and 1.74% year-on-year. The third and fourth tier cities represented a month-on-month decrease of 0.12% and a year-on-year decrease of 2.29%.