National Bureau of Statistics (NBS): Sales Prices of Commercial Housing in Cities of All Tiers Declined MoM in May, with YoY Decline Continuing to Narrow

According to data from the National Bureau of Statistics (NBS), in May, the selling prices of commercial residential properties in cities at all tiers among the 70 major and medium-sized cities declined MoM, while the YoY decline continued to narrow. In May, the selling prices of newly built commercial residential properties in first-tier cities shifted from being flat MoM to a 0.2% decline MoM. Among them, Shanghai saw a 0.7% increase, while Beijing, Guangzhou, and Shenzhen experienced declines of 0.4%, 0.8%, and 0.4%, respectively. In second-tier cities, the selling prices of newly built commercial residential properties also shifted from being flat MoM to a 0.2% decline MoM. In third-tier cities, the selling prices of newly built commercial residential properties declined by 0.3% MoM, with the decline widening by 0.1 percentage points from the previous month. In May, the selling prices of second-hand residential properties in first-tier cities declined by 0.7% MoM, with the decline widening by 0.5 percentage points from the previous month. Among them, Beijing, Shanghai, Guangzhou, and Shenzhen experienced declines of 0.8%, 0.7%, 0.8%, and 0.5%, respectively. In second- and third-tier cities, the selling prices of second-hand residential properties both declined by 0.5% MoM, with the declines widening by 0.1 percentage points each.

In May, the YoY decline in the selling prices of commercial residential properties in cities at all tiers continued to narrow.

——Interpretation by Wang Zhonghua, Chief Statistician of the Urban Department of the National Bureau of Statistics, on the Statistical Data of Changes in the Selling Prices of Commercial Residential Properties in May 2025

In May 2025, among the 70 major and medium-sized cities, the selling prices of commercial residential properties in cities at all tiers declined MoM, while the YoY decline continued to narrow.

I. Selling Prices of Commercial Residential Properties in Cities at All Tiers Declined MoM

In May, the selling prices of newly built commercial residential properties in first-tier cities shifted from being flat MoM to a 0.2% decline MoM. Among them, Shanghai saw a 0.7% increase, while Beijing, Guangzhou, and Shenzhen experienced declines of 0.4%, 0.8%, and 0.4%, respectively. In second-tier cities, the selling prices of newly built commercial residential properties also shifted from being flat MoM to a 0.2% decline MoM. In third-tier cities, the selling prices of newly built commercial residential properties declined by 0.3% MoM, with the decline widening by 0.1 percentage points from the previous month.

In May, the selling prices of second-hand residential properties in first-tier cities declined by 0.7% MoM, with the decline widening by 0.5 percentage points from the previous month. Among them, Beijing, Shanghai, Guangzhou, and Shenzhen experienced declines of 0.8%, 0.7%, 0.8%, and 0.5%, respectively. In second- and third-tier cities, the selling prices of second-hand residential properties both declined by 0.5% MoM, with the declines widening by 0.1 percentage points each.

II. YoY Decline in the Selling Prices of Commercial Residential Properties in Cities at All Tiers Continued to Narrow

 In May, the selling prices of newly built commercial residential properties in first-tier cities declined by 1.7% YoY, with the decline narrowing by 0.4 percentage points from the previous month. Among them, Shanghai saw a 5.9% increase, while Beijing, Guangzhou, and Shenzhen experienced declines of 4.3%, 5.8%, and 2.6%, respectively. The selling prices of newly built commercial residential properties in second- and third-tier cities declined by 3.5% and 4.9% YoY, respectively, with the YoY decline narrowing by 0.4 and 0.5 percentage points, respectively.

  In May, the selling prices of second-hand residential properties in first-tier cities declined by 2.7% YoY, with the YoY decline narrowing by 0.5 percentage points compared to the previous month. Specifically, Beijing, Shanghai, Guangzhou, and Shenzhen saw declines of 0.7%, 0.1%, 6.6%, and 3.2%, respectively. The selling prices of second-hand residential properties in second- and third-tier cities declined by 6.1% and 6.9% YoY, respectively, with the YoY decline narrowing by 0.4 and 0.5 percentage points, respectively.