China’s new home prices in 70 major cities fell 2.8% year-on-year in September 2026, easing from a 3.0% decline in August and marking the 39th consecutive month of annual contraction. However, the slower pace of decline—the mildest since December 2025—indicates that sustained policy support from Beijing is helping to stabilise the property market.
Among the largest cities, price drops narrowed in Guangzhou (-1.1% vs -1.9% in August), Shenzhen (-1.0% vs -2.3%), Chongqing (-2.4% vs -3.1%), and Tianjin (-3.6% vs -4.1%). In contrast, the downturn in Beijing intensified (-2.7% vs -2.3%). Shanghai remained an outlier, with new home prices rising 2.8% year-on-year, though this was slightly weaker than the 3.0% increase recorded in August. On a month-on-month basis, new home prices slipped a further 0.1%, extending the recent sequence of declines.
