The average home price in 100 monitored Chinese cities dropped both on a month-on-month basis and year-on-year basis in February, according to a leading property research institute.

The average home price of the 100 cities came in at 10,539 yuan (1,714 U.S. dollars) per square meter, down 0.24 percent month on month and 3.84 percent year on year, showed a report released by the China Index Academy on Saturday.

Of the 100 monitored cities, 39 saw their property price rise month on month in February, while 61 cities witnessed declines.

The prices will continue to see downward pressure due to high inventories, said the report.

Official data showed China's real estate market has extended its downward trend, with new home prices in January registering month-on-month declines in most cities researched.