National Bureau of Statistics (NBS): New home prices in first-tier cities fell 0.3% MoM in December.

According to data from the National Bureau of Statistics (NBS), in December, the selling prices of new commercial residential buildings in first-tier cities fell 1.7% YoY, with the decline widening by 0.5 percentage points from the previous month. Among them, Shanghai rose 4.8%, while Beijing, Guangzhou, and Shenzhen fell 2.4%, 4.8%, and 4.4%, respectively. The selling prices of new commercial residential buildings in second- and third-tier cities fell 2.5% and 3.7% YoY, respectively, with the declines widening by 0.3 and 0.2 percentage points. In December, the selling prices of existing residential buildings in first-tier cities fell 7.0% YoY, with the decline widening by 1.2 percentage points from the previous month. Among them, Beijing, Shanghai, Guangzhou, and Shenzhen fell 8.5%, 6.1%, 7.8%, and 5.4%, respectively. The selling prices of existing residential buildings in second- and third-tier cities both fell 6.0% YoY, with the declines widening by 0.4 and 0.2 percentage points, respectively.

Overall Decline in Selling Prices of Commercial Residential Buildings in Cities at All Tiers in December

——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 December 2025

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

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

In December, the selling prices of new commercial residential buildings in first-tier cities fell 0.3% MoM, with the decline narrowing by 0.1 percentage points from the previous month. Among them, Shanghai rose 0.2%, while Beijing, Guangzhou, and Shenzhen fell 0.4%, 0.6%, and 0.5%, respectively. The selling prices of new commercial residential buildings in second-tier cities fell 0.4% MoM, with the decline widening by 0.1 percentage points. The selling prices of new commercial residential buildings in third-tier cities fell 0.4% MoM, with the decline unchanged from the previous month.

In December, the selling prices of existing residential buildings in first-tier cities fell 0.9% MoM, with the decline narrowing by 0.2 percentage points from the previous month. Among them, Beijing, Shanghai, Guangzhou, and Shenzhen fell 1.3%, 0.6%, 1.0%, and 0.6%, respectively. The selling prices of existing residential buildings in second- and third-tier cities both fell 0.7% MoM, with the declines widening by 0.1 percentage points each.

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

In December, the selling prices of new commercial residential buildings in first-tier cities fell 1.7% YoY, with the decline widening by 0.5 percentage points from the previous month. Among them, Shanghai rose 4.8%, while Beijing, Guangzhou, and Shenzhen fell 2.4%, 4.8%, and 4.4%, respectively. The selling prices of new commercial residential buildings in second- and third-tier cities fell 2.5% and 3.7% YoY, respectively, with the declines widening by 0.3 and 0.2 percentage points.

In December, the selling prices of pre-owned residential properties in first-tier cities fell by 7.0% YoY, with the decline widening by 1.2 percentage points compared to the previous month. Among them, Beijing, Shanghai, Guangzhou, and Shenzhen saw declines of 8.5%, 6.1%, 7.8%, and 5.4%, respectively. The selling prices of pre-owned residential properties in second- and third-tier cities both dropped by 6.0% YoY, with the declines widening by 0.4 and 0.2 percentage points, respectively.