China’s new home prices across 70 cities fell 3.5% year-on-year in April 2026, following a 3.4% decline in March. This marked the 34th consecutive month of contraction and the steepest drop since May 2025, underscoring the persistent weakness in the property sector. The figures indicate that existing stimulus measures have yet to deliver a durable recovery in housing demand and market confidence.
Among major cities, price declines continued in Beijing (-2.3% vs. -2.1% in March), Guangzhou (-4.4% vs. -4.7%), Shenzhen (-5.3% vs. -5.5%), Chongqing (-4.8% vs. -4.4%), and Tianjin (-5.1% vs. -4.8%). By contrast, prices in Shanghai continued to rise at the same pace as the previous month (3.7% vs. 3.7%).
On a monthly basis, new home prices inched down 0.1% after a 0.2% drop in March, marking the mildest monthly decline in a year.
