New home prices in China’s 70 major cities fell 3.1% year-on-year in January 2026, a deeper decline than the 2.7% drop recorded in December. This marks the 31st consecutive month of contraction and the steepest fall since June, highlighting Beijing’s continued difficulty in arresting the property slump. Policymakers have so far eschewed aggressive intervention in favor of gradual, incremental measures.
Among key cities, price declines accelerated in Guangzhou (-5.3% vs. -4.8% in December), Shenzhen (-4.9% vs. -4.4%), Chongqing (-3.5% vs. -2.9%), and Tianjin (-4.0% vs. -3.0%). In Beijing, prices remained weak, with the rate of decline unchanged at -2.4%. Shanghai was a notable outlier, continuing to register price gains, though the pace of growth eased to 4.2% from 4.8%, indicating that even top-tier markets are losing momentum. On a month-on-month basis, new home prices fell 0.4% for the third consecutive month.
