NBS: MoM Decline in Commodity Residential Selling Prices Continued to Narrow in February

According to data released by the National Bureau of Statistics, in February 2026, overall, the decline in the selling prices of commercial residential properties in 70 large and medium-sized cities continued to narrow on a MoM basis, while prices fell YoY. The number of cities where the selling prices of newly built commercial residential properties rose or remained flat MoM increased from the previous month.

Wang Zhonghua, Chief Statistician of the Urban Department of the National Bureau of Statistics, Interpreted the Statistical Data on Changes in the Selling Prices of Commercial Residential Properties in February 2026.

Changes in the Selling Prices of Commercial Residential Properties in 70 Large and Medium-Sized Cities in February 2026

The MoM Decline in Commercial Residential Property Selling Prices Continued to Narrow in February

— Wang Zhonghua, Chief Statistician of the Urban Department of the National Bureau of Statistics, Interpreted the Statistical Data on Changes in the Selling Prices of Commercial Residential Properties in February 2026

In February 2026, overall, the decline in the selling prices of commercial residential properties in 70 large and medium-sized cities continued to narrow on a MoM basis, while prices fell YoY. The number of cities where the selling prices of newly built commercial residential properties rose or remained flat MoM increased from the previous month.

I. The MoM Decline in Commercial Residential Property Selling Prices Continued to Narrow

In February, the selling prices of newly built commercial residential properties in first-tier cities were flat MoM, compared with a 0.3% decline in the previous month. Among them, Beijing and Shanghai both rose 0.2%, Guangzhou was flat, and Shenzhen fell 0.3%. The selling prices of newly built commercial residential properties in second- and third-tier cities fell 0.2% and 0.3% MoM, respectively, with the declines narrowing by 0.1 percentage point in both cases. Among the 70 large and medium-sized cities, 10 saw MoM increases in the selling prices of newly built commercial residential properties, while 7 were flat, for a combined increase of 9 cities from the previous month.

In February, the selling prices of second-hand residential properties in first-tier cities fell 0.1% MoM, with the decline narrowing by 0.4 percentage point from the previous month. Among them, Beijing and Shanghai rose 0.3% and 0.2%, respectively, while Guangzhou and Shenzhen fell 0.5% and 0.4%, respectively. The selling prices of second-hand residential properties in second- and third-tier cities fell 0.4% and 0.5% MoM, respectively, with the declines narrowing by 0.1 percentage point in both cases.

II. Commercial Residential Property Selling Prices Fell YoY

In February, the selling prices of newly built commercial residential properties in first-tier cities fell 2.2% YoY, with the decline widening by 0.1 percentage point from the previous month. Among them, Shanghai rose 4.2%, while Beijing, Guangzhou, and Shenzhen fell 2.3%, 5.1%, and 5.5%, respectively. The selling prices of newly built commercial residential properties in second- and third-tier cities fell 3.1% and 4.0% YoY, respectively, with the declines widening by 0.2 and 0.1 percentage point, respectively.

In February, the selling prices of second-hand residential properties in first-tier cities fell 7.6% YoY, with the decline unchanged from the previous month. Among them, Beijing, Shanghai, Guangzhou, and Shenzhen fell by 8.4%, 6.2%, 8.5%, and 7.1%, respectively. The selling prices of second-hand residential properties in second-tier cities declined 6.2% YoY, unchanged from the previous month. The selling prices of second-hand residential properties in third-tier cities declined 6.3% YoY, with the decline widening by 0.2 percentage points.