National Bureau of Statistics: In July, the sales prices of commercial residential properties in first-tier cities generally increased month-on-month, while those in second- and third-tier cities declined month-on-month.

Yang Caifang, Senior Statistician of the Urban Bureau of the National Bureau of Statistics, interprets the statistical data on changes in commodity residential sales prices for July 2026:

In July 2026, among 70 large and medium-sized cities, the sales prices of commodity residential units in first-tier cities rose month-on-month overall, while those in second- and third-tier cities fell. Year-on-year declines in sales prices across first-, second-, and third-tier cities continued to narrow.

1. Sales prices of commodity residential units in first-tier cities rose month-on-month overall, while those in second- and third-tier cities declined

In July, the sales prices of newly built commodity residential units in first-tier cities shifted from a 0.1% month-on-month increase in the previous month to remain flat. Among them, Shanghai, Guangzhou, and Shenzhen rose by 0.2%, 0.1%, and 0.2% respectively, while Beijing declined by 0.3%. In second-tier cities, the sales prices of newly built commodity residential units shifted from being flat in the previous month to a 0.1% decrease. Third-tier cities saw a month-on-month decline of 0.3%, unchanged from the previous month. Among the 70 large and medium-sized cities, 23 cities experienced month-on-month increases or remained flat in the sales prices of newly built commodity residential units, an increase of 2 cities compared to the previous month.

In July, the sales prices of second-hand residential units in first-tier cities rose by 0.2% month-on-month, with the growth rate dropping by 0.1 percentage points compared to the previous month. Among them, Shanghai, Guangzhou, and Shenzhen increased by 0.3%, 0.4%, and 0.2% respectively, while Beijing remained flat. Sales prices of second-hand residential units in second- and third-tier cities declined by 0.3% and 0.4% month-on-month, respectively, with the declines unchanged from the previous month. Among the 70 large and medium-sized cities, 8 cities saw month-on-month increases or remained flat in second-hand residential sales prices, 2 fewer than in the previous month.

2. Year-on-year declines in sales prices of commodity residential units in first-, second-, and third-tier cities continued to narrow

In July, the sales prices of newly built commodity residential units in first-tier cities declined by 1.1% year-on-year, with the decline narrowing by 0.2 percentage points compared to the previous month. Among them, Beijing, Guangzhou, and Shenzhen decreased by 2.3%, 2.2%, and 2.9% respectively, while Shanghai rose by 3.0%. Second-tier cities saw a year-on-year decline of 2.8% in newly built commodity residential sales prices, with the decline narrowing by 0.3 percentage points. Third-tier cities saw a year-on-year decline of 4.2%, unchanged from the previous month.

In July, the sales prices of second-hand residential units in first-tier cities declined by 3.7% year-on-year, with the decline narrowing by 1.2 percentage points compared to the previous month. Among them, Beijing, Shanghai, Guangzhou, and Shenzhen decreased by 4.5%, 2.0%, 4.7%, and 3.6% respectively. Second- and third-tier cities saw year-on-year declines of 5.1% and 5.8% in the sales prices of second-hand residential units, with the declines narrowing by 0.3 and 0.2 percentage points respectively.