New home prices in China’s 70 largest cities fell 3.2% year-on-year in July 2026, following a 3.3% drop in June. This was the 37th consecutive month of annual declines, but also the slowest pace of contraction since February, as ongoing policy support helped ease some pressure on the property market.
Among major cities, prices continued to fall in Beijing (-2.3% vs -2.1% in June), Guangzhou (-2.2% vs -2.6%), Shenzhen (-2.9% vs -3.6%), Chongqing (-3.7% vs -4.2%) and Tianjin (-4.4% vs -4.6%). Shanghai remained the clear outlier, with new home prices rising 3.0%, only slightly below June’s 3.1% gain. On a month-on-month basis, new home prices slipped 0.1%, the same rate of decline as in June.
