National Bureau of Statistics: In February, the month-on-month sales price of newly constructed residential properties in first-tier cities shifted from a 0.3% decline in the previous month to flat.

On March 16, the National Bureau of Statistics released the housing sales price changes for February 2026. Wang Zhonghua, Chief Statistician of the Urban Department, provided an analysis.

In February 2026, overall, the month-on-month decline in the sales prices of commercial residential properties in 70 large and medium-sized cities continued to narrow, and year-on-year prices decreased. The number of cities where new commercial residential sales prices increased or remained flat 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 decreasing by 0.3% in the previous month. Beijing and Shanghai both increased by 0.2%, Guangzhou remained flat, 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, 7 cities remained flat, an increase of 9 cities compared to the previous 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 compared to the previous month. Among these, Shanghai 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, the year-on-year decline in new commercial residential sales prices was 3.1% and 4.0%, respectively, with the decline expanding by 0.2 and 0.1 percentage points.

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