The National Bureau of Statistics (NBS) reported that the selling prices of commercial residential properties in first-tier cities rose MoM in March, while the overall decline in second- and third-tier cities narrowed MoM.

In March, the selling prices of commercial residential properties in first-tier cities rose MoM, while the overall MoM decline in second- and third-tier cities narrowed.

—Wang Zhonghua, Chief Statistician of the Urban Department of the National Bureau of Statistics (NBS), interpreted the statistical data on the changes in the selling prices of commercial residential properties in March 2025.

In March 2025, the activity in the housing market increased. Among the 70 large and medium-sized cities, the number of cities with MoM increases in the selling prices of commercial residential properties rose. The selling prices of commercial residential properties in first-tier cities increased MoM, while the overall MoM decline in second- and third-tier cities narrowed. The YoY declines in all tiers of cities continued to narrow.

1. The selling prices of commercial residential properties in first-tier cities rose MoM, while the overall MoM decline in second- and third-tier cities narrowed.

In March, the selling prices of new commercial residential properties in first-tier cities rose 0.1% MoM, the same as the previous month. Among them, Shanghai and Shenzhen rose 0.7% and 0.1%, respectively, while Beijing and Guangzhou fell 0.2% and 0.1%, respectively. The selling prices of second-hand residential properties in first-tier cities turned from a 0.1% MoM decline in the previous month to a 0.2% MoM increase. Among them, Beijing, Shanghai, and Shenzhen rose 0.5%, 0.4%, and 0.3%, respectively, while Guangzhou fell 0.2%.

In March, the selling prices of new commercial residential properties in second-tier cities remained flat MoM, the same as the previous month. The selling prices of second-hand residential properties fell 0.2% MoM, with the decline narrowing by 0.2 percentage points compared to the previous month. The selling prices of new commercial residential properties in third-tier cities fell 0.2% MoM, with the decline narrowing by 0.1 percentage points. The selling prices of second-hand residential properties fell 0.3% MoM, with the decline narrowing by 0.1 percentage points.

In March, among the 70 large and medium-sized cities, the number of cities with MoM increases in the selling prices of new commercial residential properties was 24, an increase of 6 from the previous month. The number of cities with MoM increases in the selling prices of second-hand residential properties was 10, an increase of 7 from the previous month.

2. The YoY declines in the selling prices of commercial residential properties in all tiers of cities continued to narrow.

In March, the selling prices of new commercial residential properties in first-tier cities fell 2.8% YoY, with the decline narrowing by 0.2 percentage points compared to the previous month. Among them, Shanghai rose 5.7%, while Beijing, Guangzhou, and Shenzhen fell 5.7%, 7.2%, and 3.9%, respectively. The selling prices of second-hand residential properties in first-tier cities fell 4.1% YoY, with the decline narrowing by 0.8 percentage points. Among them, Beijing, Shanghai, Guangzhou, and Shenzhen fell 2.1%, 1.4%, 8.7%, and 4.1%, respectively.

In March, the selling prices of new commercial residential properties and second-hand residential properties in second-tier cities fell 4.4% and 7.0% YoY, respectively, with the declines narrowing by 0.3 and 0.4 percentage points compared to the previous month. The selling prices of new commercial residential properties and second-hand residential properties in third-tier cities fell 5.7% and 7.8% YoY, respectively, with the declines narrowing by 0.2 percentage points compared to the previous month.