National Bureau of Statistics (NBS): The YoY decline in the selling prices of commercial residential buildings in cities of all tiers continued to narrow overall in June

In June, the YoY decline in the selling prices of commercial residential buildings across all tiers of cities continued to narrow overall.

——Interpretation by Wang Zhonghua, Chief Statistician of the Urban Department at the National Bureau of Statistics (NBS), on the statistical data of changes in the selling prices of commercial residential buildings in June 2025

In June 2025, among the 70 large and medium-sized cities, the selling prices of commercial residential buildings across all tiers of cities declined MoM, while the YoY decline continued to narrow overall.

I. MoM decline in the selling prices of commercial residential buildings across all tiers of cities

In June, the selling prices of newly constructed commercial residential buildings in first-tier cities declined MoM by 0.3%, with the decline expanding by 0.1 percentage points compared to the previous month. Among them, Shanghai saw an increase of 0.4%, while Beijing, Guangzhou, and Shenzhen declined by 0.3%, 0.5%, and 0.6%, respectively. The selling prices of newly constructed commercial residential buildings in second- and third-tier cities declined MoM by 0.2% and 0.3%, respectively, with the declines remaining the same as the previous month.

In June, the selling prices of second-hand residential buildings in first-tier cities declined MoM by 0.7%, with the decline remaining the same as the previous month. Among them, Beijing, Shanghai, Guangzhou, and Shenzhen declined by 1.0%, 0.7%, 0.7%, and 0.5%, respectively. The selling prices of second-hand residential buildings in second- and third-tier cities both declined MoM by 0.6%, with the declines expanding by 0.1 percentage points each.

II. Overall continued narrowing of the YoY decline in the selling prices of commercial residential buildings across all tiers of cities

In June, the selling prices of newly constructed commercial residential buildings in first-tier cities declined YoY by 1.4%, with the decline narrowing by 0.3 percentage points compared to the previous month. Among them, Shanghai saw an increase of 6.0%, while Beijing, Guangzhou, and Shenzhen declined by 4.1%, 5.1%, and 2.5%, respectively. The selling prices of newly constructed commercial residential buildings in second- and third-tier cities declined YoY by 3.0% and 4.6%, respectively, with the declines narrowing by 0.5 and 0.3 percentage points, respectively.

In June, the selling prices of second-hand residential buildings in first-tier cities declined YoY by 3.0%, with the decline expanding by 0.3 percentage points compared to the previous month. Among them, Beijing, Shanghai, Guangzhou, and Shenzhen declined by 1.8%, 1.3%, 5.9%, and 2.8%, respectively. The selling prices of second-hand residential buildings in second- and third-tier cities declined YoY by 5.8% and 6.7%, respectively, with the declines narrowing by 0.3 and 0.2 percentage points, respectively.