Home prices reversed course and fell 0.3 percent on-month, according to new government data released on Tuesday.

The prices of private flats had snapped a three-month downward trend to rise one percent-month-on-month in April, but the government's latest home price index for May edged down again.

Compared to the same month last year, home prices in May were down 2.4 percent.

Prices for small and medium-sized flats under 1,075 square feet dropped 0.4 percent from the previous month, but larger homes rose 1.6 percent.

Rent, meanwhile, was steady month-on-month but was 0.6 percent lower than a year ago.