(Yicai Global) Dec. 16 -- New home prices in 44 of China's 70 large and medium-sized cities rose on a monthly basis in November, fewer than the 50 cities that logged increases in October, data the National Bureau of Statistics released today show.

The cost of a new home in the four first-tier cities of Beijing, Shanghai, Guangzhou and Shenzhen rose 0.6 percent last month, or 0.5 percentage point faster than in October. Prices in 31 second-tier cities inched 0.2 percent higher, a 0.3 point gain on the prior month.

Some 68 of the 70 large and mid-sized cities recorded an annual increase in new home prices, compared with 69 in October.

The real estate market continued a steady trend last month as local governments reiterated that "housing is for living in, not for speculation" amid a long-term market management mechanism, according to Kong Peng, chief statistician with the NBS.

Prices of new homes in first-tier cities rose 4.9 percent, 0.2 point faster than the previous month, while lived-in homes gained 1 percent, 0.5 point faster than October.

Editor: Ben Armour