National Bureau of Statistics: Selling Prices of Commercial Residential Buildings in Cities of All Tiers Declined MoM in October

According to data from the National Bureau of Statistics (NBS), in October, the selling prices of new commercial residential buildings in first-tier cities fell 0.3% MoM, with the rate of decline unchanged from the previous month. Among them, Shanghai saw an increase of 0.3%, while Beijing, Guangzhou, and Shenzhen fell 0.1%, 0.8%, and 0.7%, respectively. The selling prices of new commercial residential buildings in second-tier cities fell 0.4% MoM, with the rate of decline unchanged from the previous month. The selling prices of new commercial residential buildings in third-tier cities fell 0.5% MoM, with the rate of decline widening by 0.1 percentage points. In October, the selling prices of existing residential buildings in first-tier cities fell 0.9% MoM, with the rate of decline narrowing by 0.1 percentage points compared to the previous month. Among them, Beijing, Shanghai, Guangzhou, and Shenzhen fell 1.1%, 0.9%, 0.9%, and 0.9%, respectively. The selling prices of existing residential buildings in second-tier cities fell 0.6% MoM, with the rate of decline narrowing by 0.1 percentage points. The selling prices of existing residential buildings in third-tier cities fell 0.7% MoM, with the rate of decline widening by 0.1 percentage points.

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

Overall Decline in Selling Prices of Commercial Residential Buildings Across City Tiers in October

—Wang Zhonghua, Chief Statistician of the Department of Urban Surveys, National Bureau of Statistics (NBS), Interprets the Statistical Data on Changes in Selling Prices of Commercial Residential Buildings in October 2025

In October 2025, among 70 large and medium-sized cities, the selling prices of commercial residential buildings across all city tiers declined both MoM and YoY.

I. MoM Decline in Selling Prices of Commercial Residential Buildings Across City Tiers

In October, the selling prices of new commercial residential buildings in first-tier cities fell 0.3% MoM, with the rate of decline unchanged from the previous month. Among them, Shanghai saw an increase of 0.3%, while Beijing, Guangzhou, and Shenzhen fell 0.1%, 0.8%, and 0.7%, respectively. The selling prices of new commercial residential buildings in second-tier cities fell 0.4% MoM, with the rate of decline unchanged from the previous month. The selling prices of new commercial residential buildings in third-tier cities fell 0.5% MoM, with the rate of decline widening by 0.1 percentage points.

In October, the selling prices of existing residential buildings in first-tier cities fell 0.9% MoM, with the rate of decline narrowing by 0.1 percentage points compared to the previous month. Among them, Beijing, Shanghai, Guangzhou, and Shenzhen fell 1.1%, 0.9%, 0.9%, and 0.9%, respectively. The selling prices of existing residential buildings in second-tier cities fell 0.6% MoM, with the rate of decline narrowing by 0.1 percentage points. The selling prices of existing residential buildings in third-tier cities fell 0.7% MoM, with the rate of decline widening by 0.1 percentage points.

II. YoY Decline in Selling Prices of Commercial Residential Buildings Across City Tiers

In October, the selling prices of new commercial residential buildings in first-tier cities fell 0.8% YoY, with the rate of decline widening by 0.1 percentage points compared to the previous month. Among them, Shanghai rose by 5.7%, while Beijing, Guangzhou, and Shenzhen fell by 2.0%, 4.2%, and 2.6%, respectively. The selling price of new commercial residential buildings in second-tier cities fell by 2.0% YoY, with the decline narrowing by 0.1 percentage points. The selling price of new commercial residential buildings in third-tier cities fell by 3.4% YoY, with the decline remaining the same as the previous month.

In October, the selling price of second-hand residential buildings in first-tier cities fell by 4.4% YoY, with the decline widening by 1.2 percentage points compared to the previous month. Among them, Beijing, Shanghai, Guangzhou, and Shenzhen fell by 4.7%, 3.4%, 6.4%, and 3.3%, respectively. The selling price of second-hand residential buildings in second-tier cities fell by 5.2% YoY, with the decline widening by 0.2 percentage points. The selling price of second-hand residential buildings in third-tier cities fell by 5.7% YoY, with the decline remaining the same as the previous month.