New home prices in China’s 70 major cities fell 3.3% year-on-year in June 2026, easing from a 3.5% drop in May. Although this marked the 36th straight month of annual declines, it was the smallest contraction since February, indicating that existing policy measures are helping to steady the property market, even as demand and buyer confidence remain weak.
Among the key cities, prices continued to decline in Beijing (-2.1%, unchanged from May), Guangzhou (-2.6% vs. -3.3%), Shenzhen (-3.6% vs. -4.5%), Chongqing (-4.2% vs. -4.7%), and Tianjin (-4.6% vs. -4.7%). Shanghai remained the notable outlier, with home prices rising 3.1%, only slightly below May’s 3.2% gain. Month-on-month, new home prices dipped 0.1% in June, following a 0.2% decrease in May.
