National Bureau of Statistics (NBS): In July, the selling prices of commercial residential buildings in cities of all tiers declined WoW, while the overall YoY decline narrowed.

According to data released by the National Bureau of Statistics (NBS), in July 2025, the sales prices of commercial residential buildings in cities of all tiers among the 70 major and medium-sized cities declined MoM, while the overall YoY decline narrowed.In July, the selling price of newly-built commercial residential buildings in first-tier cities declined 0.2% MoM,with the decline narrowing by 0.1 percentage points from the previous month. In July, the selling price of second-hand residential buildings in first-tier cities declined 1.0% MoM, with the decline expanding by 0.3 percentage points from the previous month.

In July, the selling price of newly-built commercial residential buildings in first-tier cities declined 1.1% YoY, with the decline narrowing by 0.3 percentage points from the previous month. In July, the selling price of second-hand residential buildings in first-tier cities declined 3.4% YoY, with the decline expanding by 0.4 percentage points from the previous month.

Wang Zhonghua, the chief statistician of the Urban Department of the NBS, interpreted the statistical data on the changes in the selling prices of commercial residential buildings in July 2025.

Changes in the Selling Prices of Commercial Residential Buildings in 70 Major and Medium-sized Cities in July 2025

In July, the selling prices of commercial residential buildings in cities of all tiers declined MoM

and the overall YoY decline narrowed

——Wang Zhonghua, the chief statistician of the Urban Department of the NBS, interpreted the statistical data on the changes in the selling prices of commercial residential buildings in July 2025

In July 2025, among the 70 major and medium-sized cities, the selling prices of commercial residential buildings in cities of all tiers declined MoM, while the overall YoY decline narrowed.

I. The selling prices of commercial residential buildings in cities of all tiers declined MoM

In July, the selling price of newly-built commercial residential buildings in first-tier cities declined 0.2% MoM, with the decline narrowing by 0.1 percentage points from the previous month. Among them, Beijing remained unchanged, Shanghai increased by 0.3%, while Guangzhou and Shenzhen declined by 0.3% and 0.6%, respectively. The selling price of newly-built commercial residential buildings in second-tier cities declined 0.4% MoM, with the decline expanding by 0.2 percentage points. The selling price of newly-built commercial residential buildings in third-tier cities declined 0.3% MoM, with the decline remaining unchanged from the previous month.

In July, the selling price of second-hand residential buildings in first-tier cities declined 1.0% MoM, with the decline expanding by 0.3 percentage points from the previous month. Among them, Beijing, Shanghai, Guangzhou, and Shenzhen declined by 1.1%, 0.9%, 1.0%, and 0.9%, respectively. The selling prices of second-hand residential buildings in second-tier and third-tier cities both declined 0.5% MoM, with the decline narrowing by 0.1 percentage points in both cases.

II. The overall YoY decline in the selling prices of commercial residential buildings in cities of all tiers narrowed

In July, the selling price of newly-built commercial residential buildings in first-tier cities declined 1.1% YoY, with the decline narrowing by 0.3 percentage points from the previous month. Among them, Shanghai saw a 6.1% increase, while Beijing, Guangzhou, and Shenzhen experienced declines of 3.6%, 4.6%, and 2.2%, respectively. The selling prices of newly built commercial residential buildings in second- and third-tier cities decreased by 2.8% and 4.2% YoY, respectively, with the decline narrowing by 0.2 and 0.4 percentage points, respectively. Among the 70 large and medium-sized cities, there were 5 cities where the selling prices of newly built commercial residential buildings increased YoY, an increase of 2 cities from the previous month.

In July, the selling prices of second-hand residential buildings in first-tier cities decreased by 3.4% YoY, with the decline widening by 0.4 percentage points from the previous month. Among them, Beijing, Shanghai, Guangzhou, and Shenzhen experienced declines of 2.9%, 2.2%, 6.0%, and 2.5%, respectively. The selling prices of second-hand residential buildings in second- and third-tier cities decreased by 5.6% and 6.4% YoY, respectively, with the decline narrowing by 0.2 and 0.3 percentage points, respectively.