China New Home Prices Fall the Most in 11 Months

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.

China’s new home prices across 70 cities dropped 3.2% year-on-year in February 2026, following a 3.1% decline in the previous month. The latest data marked the 32nd consecutive month of contraction and the steepest drop since last June, underscoring Beijing’s ongoing struggle to stabilize the prolonged property downturn, as policymakers have largely relied on measured, incremental support. Among major cities, price declines persisted in Beijing (-2.3% vs -2.4% in January), Guangzhou (-5.1% vs -5.3%), Shenzhen (-5.5% vs -4.9%), Chongqing (-3.8% vs -3.5%), and Tianjin (-4.2% vs -4.0%). In contrast, Shanghai remained the outlier, with home prices continuing to grow at 4.2%, unchanged from January. Monthly, new home prices dipped 0.3%, after a 0.4% fall in the prior three months.