New home prices in China grew slightly faster in March after growth slowed the previous month, putting a floor under the cooling market, as Beijing rolled out stimulus to boost the economy.

Average new home prices in China's 70 major cities rose 0.6% in March, quickening from a 0.5% gain in February, according data released by the National Bureau of Statistics (NBS).

On the whole, it logged the 47th straight month of price increases. Most of the 70 cities surveyed by the NBS reported monthly price increases for new homes, and the number climbed sharply to 65 from 57 in February.

On an annual basis, home prices rose 10.6% in March, the highest since April 2017, and also accelerating from a 10.4% gain in February.

As banks loosen lending standards and lower mortgage rates, buyers are returning to the market in anticipation of bigger price gains.