China New Home Prices Fall the Most in 8 Months

China’s new home prices across 70 cities fell 3.5% year-on-year in May 2026, matching April’s pace. It marked the 35th straight month of decline and remained the steepest drop since May 2025, highlighting persistent weakness in the property sector. The data suggest that existing policy support has yet to revive housing demand or restore market confidence amid subdued buyer sentiment and excess housing supply. Among major cities, price declines persisted in Beijing (-2.1% vs -2.3% in April), Guangzhou (-3.3% vs -4.4%), Shenzhen (-4.5% vs -5.3%), Chongqing (-4.7% vs -4.8%), and Tianjin (-4.7% vs -5.1%). Meanwhile, prices in Shanghai rose more slowly (3.2% vs 3.7%). On a monthly basis, new home prices edged down 0.2%, after a 0.1% decrease in April.

China’s new home prices across 70 cities shrank 3.5% yoy in April 2026, following a 3.4% decline in the previous month. It marked the 34th consecutive month of contraction and the sharpest pace since May 2025, underscoring persistent weakness in the property sector. The data suggested that existing stimulus efforts have yet to generate a sustained recovery in housing demand and market confidence. Among major cities, price declines persisted in Beijing (-2.3% vs -2.1% in March), Guangzhou (-4.4% vs -4.7%), Shenzhen (-5.3% vs -5.5%), Chongqing (-4.8% vs -4.4%), and Tianjin (-5.1% vs -4.8%). In contrast, prices in Shanghai continued to rise (3.7% vs 3.7%). On a monthly basis, new home prices edged down 0.1%, after a 0.2% decrease in March, pointing to the mildest drop in a year.

China’s new home prices across 70 cities fell 3.4% year-on-year in March 2026, widening from a 3.2% decline in the previous month. The latest reading marked a 33rd straight month of contraction and the steepest drop since May 2025, underscoring persistent weakness in the property sector. The data highlighted Beijing’s ongoing struggle to stabilize the housing market, as policymakers continue to rely on gradual, targeted support measures that have yet to reverse the downturn. Among major cities, price declines persisted in Beijing (-2.1% vs -2.3% in February), Guangzhou (-4.7% vs -5.1%), Shenzhen (-5.5% vs -5.5%), Chongqing (-4.4% vs -3.8%), and Tianjin (-4.8% vs -4.2%). Meanwhile, prices in Shanghai rose at a slower rate (3.7% vs 4.2%). Monthly, new home prices fell 0.2%, after a 0.3% decrease in February.