70 Major and Medium-sized Cities See Narrowing Month-over-Month Decline in Commodity Housing Sales Prices in February

(Original Title: February Commercial Residential Sales Prices Continue to Narrow Month-on-Month Decline — National Bureau of Statistics Urban Department Chief Statistician Wang Zhonghua Interprets February 2026 Commercial Residential Sales Price Changes)

In February 2026, overall, the month-on-month decline in commercial residential sales prices in 70 large and medium-sized cities continued to narrow, with year-on-year decreases. The number of cities where new commercial residential sales prices increased or remained stable compared to the previous month also increased.

1. The month-on-month decline in commercial residential sales prices continues to narrow

In February, the month-on-month sales price of new commercial residential properties in first-tier cities remained flat after a 0.3% decrease last month. Beijing and Shanghai both rose by 0.2%, Guangzhou remained stable, and Shenzhen decreased by 0.3%. In second- and third-tier cities, new commercial residential sales prices decreased by 0.2% and 0.3% respectively, with the decline narrowing by 0.1 percentage points. Among the 70 large and medium-sized cities, 10 cities saw an increase in new commercial residential sales prices month-on-month, 7 cities remained stable, an increase of 9 cities compared to last month.

In February, the second-hand residential sales prices in first-tier cities decreased by 0.1% month-on-month, with the decline narrowing by 0.4 percentage points from the previous month. Beijing and Shanghai increased by 0.3% and 0.2% respectively, while Guangzhou and Shenzhen decreased by 0.5% and 0.4%. In second- and third-tier cities, second-hand residential sales prices decreased by 0.4% and 0.5% respectively, with the decline narrowing by 0.1 percentage points.

2. The year-on-year decline in commercial residential sales prices

In February, the year-on-year sales price of new commercial residential properties in first-tier cities decreased by 2.2%, with the decline expanding by 0.1 percentage points from last month. Shanghai’s prices increased by 4.2%, while Beijing, Guangzhou, and Shenzhen decreased by 2.3%, 5.1%, and 5.5% respectively. In second- and third-tier cities, new commercial residential sales prices decreased by 3.1% and 4.0% year-on-year, with the decline expanding by 0.2 and 0.1 percentage points respectively.

In February, the second-hand residential sales prices in first-tier cities decreased by 7.6% year-on-year, the same as last month. Beijing, Shanghai, Guangzhou, and Shenzhen decreased by 8.4%, 6.2%, 8.5%, and 7.1% respectively. Second-tier cities saw a 6.2% decrease, unchanged from last month. Third-tier cities’ second-hand residential prices decreased by 6.3% year-on-year, with the decline expanding by 0.2 percentage points.

Notes:

The classification of first-, second-, and third-tier cities in the 70 large and medium-sized cities’ real estate price statistics: First-tier cities include Beijing, Shanghai, Guangzhou, and Shenzhen; second-tier cities include Tianjin, Shijiazhuang, Taiyuan, Hohhot, Shenyang, Dalian, Changchun, Harbin, Nanjing, Hangzhou, Ningbo, Hefei, Fuzhou, Xiamen, Nanchang, Jinan, Qingdao, Zhengzhou, Wuhan, Changsha, Nanning, Haikou, Chongqing, Chengdu, Guiyang, Kunming, Xi’an, Lanzhou, Xining, Yinchuan, Urumqi, and 31 other cities; third-tier cities include Tangshan, Qinhuangdao, Baotou, Dandong, Jinzhou, Jilin, Mudanjiang, Wuxi, Xuzhou, Yangzhou, Wenzhou, Jinhua, Bengbu, Anqing, Quanzhou, Jiujiang, Ganzhou, Yantai, Jining, Luoyang, Pingdingshan, Yichang, Xiangyang, Yueyang, Changde, Shaoguan, Zhanjiang, Huizhou, Guilin, Beihai, Sanya, Luzhou, Nanchong, Zunyi, Dali, and others.

Additional Notes:

1. Survey scope: Urban districts only, excluding counties.

2. Survey methods: The sales prices of new commercial residential properties are surveyed comprehensively, with baseline data from local real estate management departments’ online signing data; second-hand residential prices are a combination of key and typical surveys, with baseline data from real estate agencies or housing service platforms and on-site price surveys.

3. The calculation method for price indices is detailed in the “Real Estate Price Statistical Report System.”

4. If a city has no transactions in a given month, it is regarded as no change in overall price level.

5. According to statistical regulations, starting from January 2026, the real estate price statistics for the 70 large and medium-sized cities will use 2025 as the new comparison base period. The basic classification weights for each city have been adjusted to better reflect changes in housing sales structure. Calculations show that this base period rotation has a minimal impact, averaging within 0.03 percentage points on the year-on-year index of commercial residential sales prices in these cities.

(Edited by: Wen Jing)