New home prices in China’s 70 major cities fell 3.4% year-on-year in March 2026, widening from a 3.2% decline in February. This marked the 33rd consecutive month of contraction and the sharpest annual drop since May 2025, underscoring the persistent weakness in the country’s property sector. The figures highlight Beijing’s continued struggle to stabilize the housing market, as authorities persist with gradual, targeted support measures that so far have failed to reverse the downturn.
Among key cities, prices continued to fall in Beijing (-2.1% vs -2.3% in February), Guangzhou (-4.7% vs -5.1%), Shenzhen (-5.5% vs -5.5%), Chongqing (-4.4% vs -3.8%), and Tianjin (-4.8% vs -4.2%). Shanghai was an exception, with prices still rising but at a slower pace (3.7% vs 4.2%). On a monthly basis, new home prices slipped 0.2% in March, following a 0.3% decline in February.
