On August 17, the National Bureau of Statistics released data for July 2026, showing that among 70 large and medium-sized cities, commercial housing sales prices in first-tier cities rose slightly month-over-month, while second- and third-tier cities experienced declines. Year-over-year price drops across all tiers continued to narrow overall.

In terms of recent trends, second-hand home prices in first-tier cities increased by 0.2% month-over-month, with gains recorded in Shanghai, Guangzhou, and Shenzhen. However, Beijing's new home prices fell by 0.3% month-over-month. Shanghai's new home prices rose 0.3% month-over-month and 3.0% year-over-year in July. The overall picture remains one of stabilization in first-tier cities, while second- and third-tier cities continue to face downward pressure.

Second-Hand Homes: First-Tier Cities' Month-Over-Month Gains Ease to 0.2%, While Second- and Third-Tier Cities See Declines

On a month-over-month basis, second-hand home sales prices in first-tier cities edged up 0.2%, a slight slowdown from the 0.3% increase in the previous month. Second- and third-tier cities continued to see month-over-month declines.

In July, second-hand home sales prices in first-tier cities rose 0.2% month-over-month, down 0.1 percentage point from the prior month's gain. Second- and third-tier cities saw month-over-month declines of 0.3% and 0.4%, respectively, both unchanged from the previous month. Among the 70 cities, eight reported month-over-month increases or flat prices for second-hand homes, a decrease of two from the prior month.

Year-over-year, the rate of decline narrowed across all tiers. In July, second-hand home sales prices in first-tier cities fell 3.7% year-over-year, a narrowing of 1.2 percentage points from the previous month. Second- and third-tier cities saw year-over-year declines of 5.1% and 5.8%, respectively, with narrowing of 0.3 and 0.2 percentage points.

Looking at individual first-tier cities: Beijing's second-hand home prices fell 0.3% month-over-month and 4.5% year-over-year in July. Shanghai's second-hand home prices rose 0.2% month-over-month and fell 2.0% year-over-year. Guangzhou's second-hand home prices increased 0.1% month-over-month and dropped 4.7% year-over-year. Shenzhen's second-hand home prices rose 0.2% month-over-month and fell 3.6% year-over-year.

New Homes: First-Tier Cities' Month-Over-Month Change Shifts to Flat

On a month-over-month basis, new home sales prices in first-tier cities shifted from a 0.1% rise in June to flat in July. Second-tier cities saw a shift from flat to a 0.1% month-over-month decline. Third-tier cities recorded a 0.3% month-over-month decline, unchanged from the previous month. Among the 70 cities, 23 reported month-over-month increases or flat prices for new homes, up two from the prior month.

Year-over-year, new home sales prices in first-tier cities fell 1.1% in July, a narrowing of 0.2 percentage points from the previous month. Second-tier cities saw a 2.8% year-over-year decline, narrowing by 0.3 percentage points. Third-tier cities recorded a 4.2% drop, unchanged from the prior month.

For individual first-tier cities in July: Beijing's new home prices were flat month-over-month and fell 2.3% year-over-year. Shanghai's new home prices rose 0.3% month-over-month and 3.0% year-over-year. Guangzhou's new home prices increased 0.4% month-over-month and fell 2.2% year-over-year. Shenzhen's new home prices rose 0.2% month-over-month and fell 2.9% year-over-year.