China New Home Prices Drop the Most in 7 Months

China’s new home prices across 70 cities fell 3.1% year-on-year in January 2026, deepening from a 2.7% decline in the previous month. The latest data marked the 31st straight month of contraction and the sharpest drop since June, underscoring Beijing’s ongoing struggle to stabilize the property downturn. Rather than bold interventions, policymakers have relied so far on measured, incremental steps. Among major cities, price declines widened in Guangzhou (-5.3% vs -4.8% in December), Shenzhen (-4.9% vs -4.4%), Chongqing (-3.5% vs -2.9%), and Tianjin (-4.0% vs -3.0%). In Beijing, prices remained weak and unchanged in pace (-2.4% vs -2.4%). Meanwhile, Shanghai still posted growth, though the increase softened (4.2% vs 4.8%). On a monthly basis, prices shrank 0.4% for the third straight month.

China’s new home prices across 70 cities declined 2.7% year-on-year in December 2025, steeper than a 2.4% drop in the previous month. The latest reading marked the 30th consecutive month of price decreases and the fastest pace since July, underscoring Beijing’s persistent struggle to arrest the prolonged downturn in the property sector. Prices fell at a quicker pace in Beijing (-2.4% vs. -2.1% in November), Guangzhou (-4.8% vs -4.3%), Shenzhen (-4.4% vs -3.7%), Chongqing (-2.9% vs. -2.9%), and Tianjin (-3.0% vs -2.2%). Meanwhile, costs in Shanghai eased (4.8% vs 5.1%). On a monthly basis, prices shrank 0.4%, matching November's drop.

China’s new home prices across 70 cities dropped 2.4% year-on-year in November 2025, deepening from a 2.2% decline in the previous two months. The latest reading marked the 29th consecutive month of price declines and the steepest pace since August, underscoring Beijing’s ongoing struggle to counter the prolonged weakness in the property sector. Prices fell at a quicker pace in Beijing (-2.1% vs. -2.0% in October), Guangzhou (-4.3% vs. -4.2%), Shenzhen (-3.7% vs. -2.6%), Chongqing (-2.9% vs. -2.6%), and Tianjin (-2.2% vs. -1.5%). Meanwhile, costs in Shanghai eased (5.1% vs 5.7%). On a monthly basis, prices were 0.4% lower, after a 0.5% fall in October.