National Bureau of Statistics (NBS): YoY Decline in Selling Prices of Commercial Residential Buildings in Cities at All Tiers Narrowed Overall in August

The National Bureau of Statistics (NBS) released data showing that, in August, the selling price of new commercial residential buildings in first-tier cities fell 0.1% MoM, with the decline narrowing by 0.1 percentage points from the previous month. The selling price of new commercial residential buildings in second-tier cities fell 0.3% MoM, with the decline narrowing by 0.1 percentage points. The selling price of new commercial residential buildings in third-tier cities fell 0.4% MoM, with the decline widening by 0.1 percentage points.

In August, the selling price of existing residential buildings in first-tier cities fell 1.0% MoM, with the decline unchanged from the previous month. The selling price of existing residential buildings in second-tier cities fell 0.6% MoM, with the decline widening by 0.1 percentage points. The selling price of existing residential buildings in third-tier cities fell 0.5% MoM, with the decline unchanged from the previous month.

Wang Zhonghua, Chief Statistician of the Department of Urban Surveys of the National Bureau of Statistics, interpreted the statistics on changes in the selling prices of commercial residential buildings in August 2025.

Changes in the Selling Prices of Commercial Residential Buildings in 70 Large and Medium-Sized Cities in August 2025

Selling Prices of Commercial Residential Buildings in Cities of Different Tiers in August

YoY Decline Generally Continued to Narrow

—Wang Zhonghua, Chief Statistician of the Department of Urban Surveys of the National Bureau of Statistics, Interprets the Statistics on Changes in the Selling Prices of Commercial Residential Buildings in August 2025

In August 2025, among 70 large and medium-sized cities, the selling prices of commercial residential buildings in cities of different tiers fell MoM, while the YoY decline generally continued to narrow.

I. Selling Prices of Commercial Residential Buildings in Cities of Different Tiers Fell MoM

In August, the selling price of new commercial residential buildings in first-tier cities fell 0.1% MoM, with the decline narrowing by 0.1 percentage points from the previous month. Among them, Shanghai rose 0.4%, while Beijing, Guangzhou, and Shenzhen fell 0.4%, 0.2%, and 0.4%, respectively. The selling price of new commercial residential buildings in second-tier cities fell 0.3% MoM, with the decline narrowing by 0.1 percentage points. The selling price of new commercial residential buildings in third-tier cities fell 0.4% MoM, with the decline widening by 0.1 percentage points.

In August, the selling price of existing residential buildings in first-tier cities fell 1.0% MoM, with the decline unchanged from the previous month. Among them, Beijing, Shanghai, Guangzhou, and Shenzhen fell 1.2%, 1.0%, 0.9%, and 0.8%, respectively. The selling price of existing residential buildings in second-tier cities fell 0.6% MoM, with the decline widening by 0.1 percentage points. The selling price of existing residential buildings in third-tier cities fell 0.5% MoM, with the decline unchanged from the previous month.

II. YoY Decline in Selling Prices of Commercial Residential Buildings in Cities of Different Tiers Generally Continued to Narrow

In August, the selling price of new commercial residential buildings in first-tier cities fell 0.9% YoY, with the decline narrowing by 0.2 percentage points from the previous month. Among them, Shanghai rose by 5.9%, while Beijing, Guangzhou, and Shenzhen fell by 3.5%, 4.3%, and 1.7%, respectively. The selling prices of new commercial residential buildings in second- and third-tier cities fell by 2.4% and 3.7% YoY, with the declines narrowing by 0.4 and 0.5 percentage points, respectively.

In August, the selling prices of pre-owned homes in first-tier cities fell by 3.5% YoY, with the decline widening by 0.1 percentage point from the previous month. Among them, Beijing, Shanghai, Guangzhou, and Shenzhen fell by 3.1%, 2.6%, 6.2%, and 1.9%, respectively. The selling prices of pre-owned homes in second- and third-tier cities fell by 5.2% and 6.0% YoY, with the declines narrowing by 0.4 percentage points in both cases.