BEIJING, Sept. 15 (Xinhua) -- Major Chinese cities continued to report narrowed year-on-year declines in overall home prices in August, official data showed Tuesday.

In the first-tier cities of Beijing, Shanghai, Guangzhou and Shenzhen, new home prices fell 0.9 percent year on year, 0.2 percentage points narrower than the previous month, according to data released by the National Bureau of Statistics (NBS).

Second-hand home prices in the four cities dropped 2.7 percent year on year overall, with the decline narrowing from 3.7 percent in July.

As to second- and third-tier cities, price declines in both new and second-hand homes moderated compared with July.

On a monthly basis, home prices in first-tier cities rose in August, while second- and third-tier cities generally registered narrowed declines.

Among 70 large and medium-sized cities tracked, 21 recorded flat or rising new home prices month on month in August, two fewer than the previous month. Eight cities saw flat or rising second-hand home prices, unchanged from July.

The NBS releases a monthly home price report tracking market changes in 70 major cities, including four first-tier cities, 31 second-tier cities and 35 third-tier cities.

Tuesday's data pointed to further signs that China's property market is bottoming out, as the government maintains its city-specific policy approach, adjusting and optimizing real estate policies, working down inventory and pushing ahead with urban renewal.

NBS spokesperson Fu Linghui said at a media conference Tuesday that overall property transaction volumes have improved, with the area of second-hand home transactions rising 10.6 percent year on year in the first eight months of the year. New home inventory also continued to fall, with the total floor area of unsold new commercial housing down 1.1 percent year on year at the end of August, marking the sixth consecutive month of decline.

As China's property market undergoes a fundamental shift in supply and demand dynamics, more diverse demand for smart, green and elderly-friendly homes is on the rise.

In response, China is accelerating a transition in its property development model. Authorities have this year deepened reforms to the housing provident fund system and refined regulations on commercial housing sales, as part of broader efforts to chart a new path for real estate development.

These policy measures will help advance the transformation of China's property market and better meet people's aspirations for a better life, Fu said.