National Bureau of Statistics (NBS): Selling Prices of Commercial Residential Buildings in 70 Large and Medium-Sized Cities Decreased MoM Overall in November

According to data from the National Bureau of Statistics (NBS), in November, the selling prices of new commercial residential buildings in first-tier cities fell by 0.4% MoM, with the decline widening by 0.1 percentage points compared to the previous month. Among them, Shanghai rose by 0.1%, while Beijing, Guangzhou, and Shenzhen fell by 0.5%, 0.5%, and 0.9%, respectively. The selling prices of new commercial residential buildings in second- and third-tier cities fell by 0.3% and 0.4% MoM, respectively, with the declines narrowing by 0.1 percentage points in both cases.

In November, the selling prices of existing residential buildings in first-tier cities fell by 1.1% MoM, with the decline widening by 0.2 percentage points compared to the previous month. Among them, Beijing, Shanghai, Guangzhou, and Shenzhen fell by 1.3%, 0.8%, 1.2%, and 1.0%, respectively. The selling prices of existing residential buildings in second-tier cities fell by 0.6% MoM, with the decline unchanged from the previous month. The selling prices of existing residential buildings in third-tier cities fell by 0.6% MoM, with the decline narrowing by 0.1 percentage points.

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

Overall Decline in the Selling Prices of Commercial Residential Buildings in 70 Large and Medium-Sized Cities in November on a MoM Basis

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

In November 2025, the selling prices of commercial residential buildings in 70 large and medium-sized cities declined overall on a MoM basis, with the YoY decline widening.

I. Decline in the Selling Prices of Commercial Residential Buildings in First-, Second-, and Third-Tier Cities on a MoM Basis

In November, the selling prices of new commercial residential buildings in first-tier cities fell by 0.4% MoM, with the decline widening by 0.1 percentage points compared to the previous month. Among them, Shanghai rose by 0.1%, while Beijing, Guangzhou, and Shenzhen fell by 0.5%, 0.5%, and 0.9%, respectively. The selling prices of new commercial residential buildings in second- and third-tier cities fell by 0.3% and 0.4% MoM, respectively, with the declines narrowing by 0.1 percentage points in both cases.

In November, the selling prices of existing residential buildings in first-tier cities fell by 1.1% MoM, with the decline widening by 0.2 percentage points compared to the previous month. Among them, Beijing, Shanghai, Guangzhou, and Shenzhen fell by 1.3%, 0.8%, 1.2%, and 1.0%, respectively. The selling prices of existing residential buildings in second-tier cities fell by 0.6% MoM, with the decline unchanged from the previous month. The selling prices of existing residential buildings in third-tier cities fell by 0.6% MoM, with the decline narrowing by 0.1 percentage points.

II. Widening YoY Decline in the Selling Prices of Commercial Residential Buildings in First-, Second-, and Third-Tier Cities

In November, the selling prices of new commercial residential buildings in first-tier cities fell by 1.2% YoY, with the decline widening by 0.4 percentage points compared to the previous month. Among them, Shanghai rose by 5.1%, while Beijing, Guangzhou, and Shenzhen fell by 2.1%, 4.3%, and 3.7%, respectively. The selling prices of new commercial residential buildings in second- and third-tier cities decreased by 2.2% and 3.5% YoY, with the declines widening by 0.2 and 0.1 percentage points, respectively.

In November, the selling prices of existing residential buildings in first-tier cities dropped by 5.8% YoY, with the decline widening by 1.4 percentage points compared to the previous month. Among them, Beijing, Shanghai, Guangzhou, and Shenzhen fell by 6.8%, 4.6%, 7.2%, and 4.8%, respectively. The selling prices of existing residential buildings in second- and third-tier cities decreased by 5.6% and 5.8% YoY, with the declines widening by 0.4 and 0.1 percentage points, respectively.