National Bureau of Statistics (NBS): Selling Prices of Commercial Residential Buildings in 70 Large and Medium-Sized Cities Fell MoM in September Across All Tiers of Cities

According to data from the National Bureau of Statistics (NBS), in September, the selling prices of new commercial residential buildings in first-tier cities fell 0.3% month-on-month, with the decline widening by 0.2 percentage points compared to the previous month. In September, the selling prices of existing residential buildings in first-tier cities dropped 1.0% month-on-month, with the decline rate unchanged from the previous month.

Wang Zhonghua, Chief Statistician of the Department of Urban Surveys of the NBS, interpreted the statistics on changes in the selling prices of commercial residential buildings in September 2025.

Changes in Selling Prices of Commercial Residential Buildings in 70 Large and Medium-sized Cities in September 2025

Selling Prices of Commercial Residential Buildings in Cities of Different Tiers Declined Month-on-Month in September

YoY Decline Generally Continued to Narrow

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

In September 2025, among 70 large and medium-sized cities, the selling prices of commercial residential buildings in cities of different tiers declined month-on-month, while the YoY decline continued to show a narrowing trend.

I. Selling Prices of Commercial Residential Buildings in Cities of Different Tiers Declined Month-on-Month

In September, the selling prices of new commercial residential buildings in first-tier cities fell 0.3% MoM, with the decline widening by 0.2 percentage points from the previous month. Among them, Beijing and Shanghai rose 0.2% and 0.3%, respectively, while Guangzhou and Shenzhen fell 0.6% and 1.0%, respectively. The selling prices of new commercial residential buildings in second-tier cities dropped 0.4% MoM, with the decline widening by 0.1 percentage points. The selling prices of new commercial residential buildings in third-tier cities decreased 0.4% MoM, with the decline rate unchanged from the previous month.

In September, the selling prices of existing residential buildings in first-tier cities fell 1.0% MoM, with the decline rate unchanged from the previous month. Among them, Beijing, Shanghai, Guangzhou, and Shenzhen dropped 0.9%, 1.0%, 0.8%, and 1.0%, respectively. The selling prices of existing residential buildings in second- and third-tier cities declined 0.7% and 0.6% MoM, respectively, with the declines widening by 0.1 percentage points in both cases.

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

In September, the selling prices of new commercial residential buildings in first-tier cities fell 0.7% YoY, with the decline narrowing by 0.2 percentage points from the previous month. Among them, Shanghai rose 5.6%, while Beijing, Guangzhou, and Shenzhen fell 2.6%, 4.1%, and 1.8%, respectively. The selling prices of new commercial residential buildings in second- and third-tier cities dropped 2.1% and 3.4% YoY, respectively, with the declines narrowing by 0.3 percentage points in both cases.

In September, the selling prices of existing residential buildings in first-tier cities decreased 3.2% YoY, with the decline narrowing by 0.3 percentage points from the previous month. Among them, Beijing, Shanghai, Guangzhou, and Shenzhen fell 2.7%, 2.4%, 6.0%, and 1.7%, respectively.