New home prices in China’s 70 largest cities fell 3.0% year-on-year in August 2026, easing from a 3.2% drop in July. This was the 38th straight month of annual declines, but also the mildest contraction since December 2025, indicating that sustained policy support is helping to stabilize the property market.
Among key cities, price falls narrowed in Guangzhou (-1.9% vs -2.2%), Shenzhen (-2.3% vs -2.9%), Chongqing (-3.1% vs -3.7%) and Tianjin (-4.1% vs -4.4%). Beijing’s annual decline held steady at 2.3%. Shanghai remained a clear outlier on the upside, with new home prices rising 3.0% year-on-year, unchanged from July.
On a month-on-month basis, new home prices slipped 0.1% in August, in line with the declines recorded in both June and July.
