February Housing Prices Released for 70 Cities: Month-on-Month Decline in All Tier Cities Continues to Narrow, Beijing and Shanghai Second-Hand Housing Turns to Month-on-Month Increase

Why can AI · Why do second-hand houses in Beijing and Shanghai defy the trend and increase month-on-month?

On March 16, the National Bureau of Statistics released data showing that in February 2026, the overall decline in the month-on-month sales prices of commercial residential properties in 70 large and medium-sized cities continued to narrow, with year-on-year decreases. The number of cities where new commercial residential sales prices increased or remained flat month-on-month increased compared to the previous month.

1. The decline in the month-on-month sales prices of commercial residential properties continues to narrow

In February, the month-on-month sales price of new commercial residential properties in first-tier cities shifted from a 0.3% decrease last month to flat. Among them, Beijing and Shanghai both rose by 0.2%, Guangzhou remained flat, and Shenzhen decreased by 0.3%. In second- and third-tier cities, the month-on-month sales prices of new commercial residential properties decreased by 0.2% and 0.3%, respectively, with the decline narrowing by 0.1 percentage points. Among the 70 large and medium-sized cities, 10 cities saw an increase in new commercial residential sales prices month-on-month, 7 cities remained flat, an increase of 9 cities compared to the previous month.

In February, the second-hand residential sales prices in first-tier cities decreased by 0.1% month-on-month, with the decline narrowing by 0.4 percentage points from the previous month. Among them, Beijing and Shanghai increased by 0.3% and 0.2%, respectively, while Guangzhou and Shenzhen decreased by 0.5% and 0.4%. The second- and third-tier cities saw decreases of 0.4% and 0.5% in second-hand residential sales prices month-on-month, with the decline narrowing by 0.1 percentage points.

2. The year-on-year decline in sales prices of commercial residential properties

In February, the year-on-year sales prices of new commercial residential properties in first-tier cities decreased by 2.2%, with the decline expanding by 0.1 percentage points compared to the previous month. Among them, Shanghai increased by 4.2%, while Beijing, Guangzhou, and Shenzhen decreased by 2.3%, 5.1%, and 5.5%, respectively. The year-on-year declines in new commercial residential sales prices in second- and third-tier cities were 3.1% and 4.0%, respectively, with the declines expanding by 0.2 and 0.1 percentage points.

In February, the year-on-year sales prices of second-hand residential properties in first-tier cities decreased by 7.6%, the same as the previous month. Among them, Beijing, Shanghai, Guangzhou, and Shenzhen decreased by 8.4%, 6.2%, 8.5%, and 7.1%, respectively. The second-tier cities saw a 6.2% decrease in second-hand residential sales prices year-on-year, unchanged from the previous month. Third-tier cities experienced a 6.3% decrease, with the decline expanding by 0.2 percentage points.

Notes:

The statistics for real estate prices in 70 large and medium-sized cities categorize first-, second-, and third-tier cities as follows: First-tier cities include Beijing, Shanghai, Guangzhou, and Shenzhen; second-tier cities include Tianjin, Shijiazhuang, Taiyuan, Hohhot, Shenyang, Dalian, Changchun, Harbin, Nanjing, Hangzhou, Ningbo, Hefei, Fuzhou, Xiamen, Nanchang, Jinan, Qingdao, Zhengzhou, Wuhan, Changsha, Nanning, Haikou, Chongqing, Chengdu, Guiyang, Kunming, Xi’an, Lanzhou, Xining, Yinchuan, Urumqi, and others (31 cities); third-tier cities include Tangshan, Qinhuangdao, Baotou, Dandong, Jinzhou, Jilin, Mudanjiang, Wuxi, Xuzhou, Yangzhou, Wenzhou, Jinhua, Bengbu, Anqing, Quanzhou, Jiujiang, Ganzhou, Yantai, Jining, Luoyang, Pingdingshan, Yichang, Xiangyang, Yueyang, Changde, Shaoguan, Zhanjiang, Huizhou, Guilin, Beihai, Sanya, Luzhou, Nanchong, Zunyi, Dali, and others (35 cities).