China’s Home Prices Show Continued Decline in February
China’s property sector continues to grapple with headwinds, as sales prices for new and existing homes in 70 major cities declined in February, though the rate of decline is slowing. The findings, released by the National Bureau of Statistics on March 16, 2026, indicate a complex picture of regional variations and a gradual stabilization in some areas.
the decline in residential sales prices across the 70 cities moderated in February compared to the previous month. New home prices in first-tier cities—Beijing, Shanghai, Guangzhou, and Shenzhen—remained flat month-over-month, a shift from the 0.3% decline recorded in January. Beijing and Shanghai saw prices increase by 0.2% each, while Guangzhou held steady and Shenzhen experienced a 0.3% decrease, according to the data released by the National Bureau of Statistics.
Second and third-tier cities both saw month-over-month declines of 0.2% and 0.3% respectively, with both figures representing a 0.1 percentage point moderation in the rate of decline. A total of 10 cities saw new home prices rise month-over-month, while 7 remained flat, a combined increase of 9 cities compared to the previous month.
The secondary market similarly showed signs of stabilization, with first-tier city prices falling 0.1% month-over-month, a slowdown from the 0.4 percentage point decline seen in January. Beijing and Shanghai experienced increases of 0.3% and 0.2% respectively, while Guangzhou and Shenzhen saw decreases of 0.5% and 0.4% respectively. Second and third-tier cities saw declines of 0.4% and 0.5% respectively, also with a 0.1 percentage point moderation in the rate of decline.
On a year-over-year basis, new home prices in first-tier cities fell 2.2%, a slight widening of the decline from the previous month. Shanghai bucked the trend with a 4.2% increase, while Beijing, Guangzhou, and Shenzhen saw declines of 2.3%, 5.1%, and 5.5% respectively. Second and third-tier cities experienced year-over-year declines of 3.1% and 4.0% respectively, expanding by 0.2 and 0.1 percentage points.
Existing home prices in first-tier cities fell 7.6% year-over-year, unchanged from the previous month. Declines were recorded in Beijing (8.4%), Shanghai (6.2%), Guangzhou (8.5%), and Shenzhen (7.1%). Second-tier cities saw a 6.2% year-over-year decline, while third-tier cities experienced a 6.3% decline, with the latter figure widening from the previous month. The data underscores the ongoing challenges facing China’s property market, a key component of the nation’s economic growth.
The National Bureau of Statistics gathers data for new residential properties through comprehensive surveys utilizing data from local real estate management departments. Sales prices for existing homes are tracked through a combination of focused surveys and data from real estate agencies and housing service platforms, as detailed in the National Bureau of Statistics’ methodology.
