The month-on-month decline in the sales prices of commercial residential properties in 70 large and medium-sized cities continued to narrow in February.

(Original headline: 2nd-month declines in sales prices of commodity residential housing continue to narrow — Interpretation of the statistical data on changes in commodity residential housing sales prices for February 2026 by Wang Zhonghua, chief statistician of the Urban Department, National Bureau of Statistics)

In February 2026, overall, among the 70 large and medium-sized cities, the year-on-year trend remained down, while the month-on-month decline in commodity residential housing sales prices continued to narrow. The number of cities in which the month-on-month sales price of newly built commodity residential housing rose or was flat increased compared with the previous month.

I. The month-on-month decline in commodity residential housing sales prices continues to narrow

In February, in first-tier cities, the month-on-month change in the sales price of newly built commodity residential housing shifted from a 0.3% decrease in the previous month to being flat. Among them, Beijing and Shanghai both rose by 0.2%, Guangzhou was flat, and Shenzhen fell by 0.3%. In second- and third-tier cities, the month-on-month sales prices of newly built commodity residential housing decreased by 0.2% and 0.3%, respectively; the decline in both cases narrowed by 0.1 percentage points. Of the 70 large and medium-sized cities, 10 cities saw a month-on-month increase in the sales price of newly built commodity residential housing, and 7 cities saw it remain flat, for a total increase of 9 cities compared with the previous month.

In February, in first-tier cities, the month-on-month sales price of secondhand residential housing fell by 0.1%, with the decline narrowing by 0.4 percentage points compared with the previous month. Among them, Beijing and Shanghai rose by 0.3% and 0.2%, respectively, while Guangzhou and Shenzhen fell by 0.5% and 0.4%, respectively. In second- and third-tier cities, the month-on-month sales prices of secondhand residential housing decreased by 0.4% and 0.5%, respectively; the decline in both cases narrowed by 0.1 percentage points.

II. Commodity residential housing sales prices decline year-on-year

In February, the year-on-year sales price of newly built commodity residential housing in first-tier cities fell by 2.2%, with the decline widening by 0.1 percentage points compared with the previous month. Among them, Shanghai rose by 4.2%, while Beijing, Guangzhou, and Shenzhen fell by 2.3%, 5.1%, and 5.5%, respectively. In second- and third-tier cities, the year-on-year sales prices of newly built commodity residential housing fell by 3.1% and 4.0%, respectively, with the declines widening by 0.2 and 0.1 percentage points, respectively.

In February, in first-tier cities, the year-on-year sales price of secondhand residential housing fell by 7.6%, with the decline unchanged from the previous month. Among them, Beijing, Shanghai, Guangzhou, and Shenzhen fell by 8.4%, 6.2%, 8.5%, and 7.1%, respectively. The year-on-year sales price of secondhand residential housing in second-tier cities fell by 6.2%, with the decline unchanged from the previous month. The year-on-year sales price of secondhand residential housing in third-tier cities fell by 6.3%, with the decline widening by 0.2 percentage points.

Note:

The tier-based classification of real estate price statistics for 70 large and medium-sized cities: first-tier cities refer to Beijing, Shanghai, Guangzhou, Shenzhen, and other 4 cities; second-tier cities refer to 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 other 31 cities; third-tier cities refer to 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 other 35 cities.

Addendum:

1. Survey scope: the municipal districts of each city, excluding counties.

2. Survey methodology: the survey of sales prices of newly built commodity residential housing is a full-scope survey; the basic data are based on local real estate management departments’ online contract registration (net-signing) data. The survey of sales prices of secondhand residential housing combines key surveys and typical surveys; the basic data come from reports submitted by real estate agencies or housing occupancy service platforms and on-site price quotations by surveyors.

3. For the calculation method of price indices, see the 《Real Estate Price Statistical Reporting System》.

4. If a certain city has no transactions in the current month, it is regarded as having no overall change in the price level.

5. According to the statistical system requirements, starting from January 2026, the survey of real estate prices for 70 large and medium-sized cities begins using 2025 as the new round comparison base period. The basic classification weightings for each city have been adjusted to better reflect changes in the sales structure of residential housing. Based on calculations, the impact of this base-period switch on the year-on-year indices of the sales prices of newly built commodity residential housing for each month among the 70 large and medium-sized cities is, on average, within 0.03 percentage points.

(Editor: Wenjing)

Keywords:

                                                            Housing prices