New home prices have dropped in 64 of 70 cities so far this year, according to Reuters calculations.
"Due to the dual impact from the cyclical slowdown and policies, coupled with the debt crises at some developers, the property shock is yet to pass, but with a good policy response, systemic risks can be avoided," said Zhang Yi, chief economist at Zhonghai Shengrong Capital Management.China's top leaders said "houses are for living in, not for speculation" during an agenda-setting meeting on Friday.