National Bureau of Statistics (NBS): On a MoM basis, the selling prices of commercial residential buildings in cities of all tiers remained flat or declined slightly in April

Data released by the National Bureau of Statistics (NBS) showed that in April, the selling prices of commercial residential buildings in cities at all levels among the 70 major and medium-sized cities remained flat or declined slightly MoM, while the YoY declines continued to narrow.

Wang Zhonghua, Chief Statistician of the Urban Department of the NBS, interpreted the statistical data on the changes in selling prices of commercial residential buildings in April 2025.

Changes in Selling Prices of Commercial Residential Buildings in 70 Major and Medium-Sized Cities in April 2025

In April, the selling prices of commercial residential buildings in cities at all levels remained flat or declined slightly MoM

with YoY declines continuing to narrow

—Interpretation by Wang Zhonghua, Chief Statistician of the Urban Department of the NBS, on the Statistical Data of Changes in Selling Prices of Commercial Residential Buildings in April 2025

In April 2025, among the 70 major and medium-sized cities, the selling prices of commercial residential buildings in cities at all levels remained flat or declined slightly MoM, while the YoY declines continued to narrow.

I. The selling prices of commercial residential buildings in cities at all levels remained flat or declined slightly MoM

In April, the selling prices of newly-built commercial residential buildings in first-tier cities turned flat MoM from a 0.1% increase the previous month. Among them, Beijing and Shanghai saw increases of 0.1% and 0.5%, respectively, while Guangzhou and Shenzhen experienced decreases of 0.2% and 0.1%, respectively. The selling prices of newly-built commercial residential buildings in second-tier cities remained flat MoM, unchanged from the previous month. The selling prices of newly-built commercial residential buildings in third-tier cities declined by 0.2% MoM, with the decline unchanged from the previous month.

In April, the selling prices of second-hand residential buildings in first-tier cities turned to a 0.2% decline MoM from a 0.2% increase the previous month. Among them, Shanghai saw a 0.1% increase, Guangzhou remained flat, while Beijing and Shenzhen experienced decreases of 0.6% and 0.3%, respectively. The selling prices of second-hand residential buildings in second- and third-tier cities both declined by 0.4% MoM, with the declines expanding by 0.2 and 0.1 percentage points, respectively, from the previous month.

II. The YoY declines in selling prices of commercial residential buildings in cities at all levels continued to narrow

In April, the selling prices of newly-built commercial residential buildings in first-tier cities declined by 2.1% YoY, with the decline narrowing by 0.7 percentage points from the previous month. Among them, Shanghai saw a 5.9% increase, while Beijing, Guangzhou, and Shenzhen experienced decreases of 5.0%, 6.3%, and 3.0%, respectively. The selling prices of newly-built commercial residential buildings in second- and third-tier cities declined by 3.9% and 5.4% YoY, respectively, with the declines narrowing by 0.5 and 0.3 percentage points, respectively, from the previous month.

In April, the selling prices of second-hand residential buildings in first-tier cities declined by 3.2% YoY, with the decline narrowing by 0.9 percentage points from the previous month. Among them, Beijing, Shanghai, Guangzhou, and Shenzhen experienced decreases of 1.0%, 0.6%, 7.4%, and 3.7%, respectively. The selling prices of second-hand residential properties in second-tier and third-tier cities declined by 6.5% and 7.4% YoY, respectively, with the YoY decline narrowing by 0.5 and 0.4 percentage points, respectively.