NBS: home construction falls in Q1

A majority of China's major cities saw home prices increase during the first quarter of 2014. That's according to fresh figures from the National Bureau of Statistics released over the weekend. Analysts say, though, that home prices rose at a slower pace versus the same time last quarter.

China's property market lost some steam in the first quarter.

The NBS says that home sales in China declined about 5 percent and new property construction dropped 25 percent year on year.

Analysts say the cooling property market in China's second- and third-tier cities is in line with expectations.

Analysts say local governments need to focus on industry upgrades and rational urbanization when it comes to avoiding risks in the property market. The government will continue to closely guide the real estate market. It plans to establish a long-term mechanism to improve regulation.