This article from May of last year claiming a 31.4% m/m plunge is interesting:

http://www.economicsjunkie.com/beijing-property-prices-plung...

It's possible that there are significant seasonal fluctuations in the market.

That said, the three-month average is still significantly negative: "Beijing property prices rose 0.4% m/m in February, 0.8% in January and 0.2% in December". And word on the street is that it's getting a lot harder to sell property.

I'd be interested to see a graph with average housing price data stretching back for the past few years.