On February 13, the National Bureau of Statistics released data showing that in January 2026, the month-on-month decline in commodity residential sales prices in 70 large and medium-sized cities generally narrowed, while the year-on-year decline continued.
Specifically, the month-on-month decline in second-hand residential prices in first-tier cities narrowed the most, decreasing by 0.4 percentage points to 0.5% compared to the previous month, indicating a slowdown in the adjustment speed of the second-hand housing market in core cities. The month-on-month decline in new commodity residential prices in second and third-tier cities narrowed by 0.2 and 0.1 percentage points, respectively.
However, from a year-on-year perspective, the downward pressure on housing prices in all tiers of cities remains significant. The year-on-year decline in second-hand residential prices in first-tier cities fell by 7.6%, with the decline expanding by 0.6 percentage points compared to the previous month, and all four first-tier cities saw year-on-year declines exceeding 6.5%. The year-on-year decline in new commodity residential prices also expanded.
<h2>Second-hand Housing: Significant Slowdown in Month-on-Month Decline in First-tier Cities</h2>
In terms of month-on-month data, the improvement in the decline in first-tier cities is the most significant, while the month-on-month declines in second and third-tier cities also narrowed. Specifically:
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The month-on-month sales price of second-hand residential properties in first-tier cities decreased by 0.5%, with the decline narrowing by 0.4 percentage points compared to the previous month.
The month-on-month sales prices of second-hand residential properties in second and third-tier cities decreased by 0.5% and 0.6%, with declines narrowing by 0.2 and 0.1 percentage points, respectively.
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In terms of year-on-year data, the declines in first, second, and third-tier cities all expanded:
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The year-on-year price of second-hand residential properties in first-tier cities fell by 7.6%, with the decline expanding by 0.6 percentage points.
Second-tier cities saw a year-on-year decline of 6.2%, while third-tier cities declined by 6.1%, with declines expanding by 0.2 and 0.1 percentage points, respectively.
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Specifically, in first-tier cities:
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Beijing's second-hand residential prices in January decreased by 0.2% month-on-month (previous value -1.3%), and fell by 8.7% year-on-year (previous value -8.5%).
Shanghai's second-hand residential prices in January decreased by 0.4% month-on-month (previous value -0.6%), and fell by 6.8% year-on-year (previous value -6.1%).
Guangzhou's second-hand residential prices in January decreased by 0.7% month-on-month (previous value -1.0%), and fell by 8.3% year-on-year (previous value -7.8%).
Shenzhen's second-hand residential prices in January decreased by 0.6% month-on-month (previous value -0.6%), and fell by 6.5% year-on-year (previous value -5.4%).
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<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/bedb48e1-dc90-4dce-bdae-0fdc04bcb6f2.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/bedb48e1-dc90-4dce-bdae-0fdc04bcb6f2.png"/>
<h2>New Commodity Residential Properties: Month-on-Month Decline Narrowed, Year-on-Year Decline Expanded</h2>
In terms of month-on-month data, the figures show that the decline in first-tier cities remained the same as the previous month, while the month-on-month decline in second-tier cities narrowed, and third-tier cities remained unchanged. Specifically:
<blockquote>
The month-on-month price of new commodity residential properties in first-tier cities decreased by 0.3%, with the decline remaining the same as the previous month.
The decline in second-tier cities narrowed by 0.1 percentage points to 0.3%, while the month-on-month decline in third-tier cities was 0.4%, the same as the previous month.
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In terms of year-on-year data, new housing prices in all tiers of cities continued to decline, with the decline expanding:
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First-tier cities saw a year-on-year decline of 2.1%, with the decline expanding by 0.4 percentage points.
Second-tier cities experienced a year-on-year decline of 2.9%, while third-tier cities declined by 3.9%, with declines expanding by 0.4 and 0.2 percentage points, respectively
Specifically looking at first-tier cities:
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In January, the price of newly built commercial residential properties in Beijing decreased by 0.3% month-on-month (previous value -0.4%), and decreased by 2.4% year-on-year (previous value -2.4%).
In January, the price of newly built commercial residential properties in Shanghai remained unchanged month-on-month (previous value +0.2%), and increased by 4.2% year-on-year (previous value +4.8%).
In January, the price of newly built commercial residential properties in Guangzhou decreased by 0.6% month-on-month (previous value -0.6%), and decreased by 5.3% year-on-year (previous value -4.8%).
In January, the price of newly built commercial residential properties in Shenzhen decreased by 0.4% month-on-month (previous value -0.5%), and decreased by 4.9% year-on-year (previous value -4.4%).
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<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/433dc1af-af96-4d6c-b8c1-ad781670a928.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/433dc1af-af96-4d6c-b8c1-ad781670a928.png"/>

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The month-on-month decline in second-hand housing prices in first-tier cities has improved, and the month-on-month decline in second- and third-tier cities has also narrowed. However, compared to the same period last year, the decline in first-, second-, and third-tier cities has all widened. In terms of new housing, the month-on-month decline has narrowed while the year-on-year decline has expanded. First-tier cities saw a year-on-year decrease of 2.1%, with Shanghai rising against the trend by 4.2%, while Beijing, Guangzhou, and Shenzhen fell by 2.4%, 5.3%, and 4.9%, respectively

- In January 2026, the National Bureau of Statistics reported a narrowing decline in residential property prices across 70 large and medium-sized cities in China, with a year-on-year decrease still evident.  
- In first-tier cities, second-hand home prices saw a month-on-month drop of 0.5%, while year-on-year declines included a 7.6% drop in first-tier cities, worsening by 0.6 percentage points.  
- New home prices fell as well, with first-tier cities experiencing a month-on-month decrease of 0.3% and a year-on-year decline of 2.1%, expanding by 0.4 percentage points.

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January 70 Cities Housing Prices: The month-on-month decline in first, second, and third-tier cities has generally narrowed, while the year-on-year decline continues to expand