BUSINESS

China’s Pre-owned Home Prices Extend Gains in Top-Tier Cities

Published: Sep. 15, 2026 11:14 p.m. GMT+8

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A residential complex in Shanghai, pictured on Jan. 13. Photo: VCG

Existing-home prices in China’s top-tier cities edged up for a sixth consecutive month in August, even as values broadly declined across most of the 70 major cities surveyed by the government.

The divergence underscores a structural shift in the nation’s struggling property sector. Buyers are increasingly favoring existing homes, pushing secondary-market transaction volumes past new-home sales.

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China's top-tier city existing-home prices rose 0.1% in August, a sixth monthly gain but slower than earlier 0.4% increases; Shanghai and Shenzhen led gains.
Buyers increasingly favor existing homes, boosting secondary-market volumes, but August transaction area in 20 key cities fell 8% month-on-month for a fourth decline.
New-home prices rose only in first-tier cities (0.1% in August); nationwide, 49 of 70 cities saw declines, with lower-tier existing-home prices falling 0.3%.

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What Happened When

2026年3月–5月：: Average existing-home values in top-tier hubs logged a 0.4% monthly gain during this period (as noted in the article).

2026年7月：: Existing-home prices in top-tier cities rose 0.4% (part of the March–May period), but July’s y/y decline for top-tier existing homes was 3.7%. New-home prices in first-tier cities were flat m/m.

2026年8月：: Top-tier cities’ existing-home prices rose for a sixth consecutive month, with average values edging up 0.1% from July; Shanghai and Shenzhen rose 0.3% and 0.1%, Guangzhou flat, Beijing slipped 0.1%. Secondary-market transaction area in 20 key cities shrank 8% from July to 14.5 million sqm, a fourth consecutive monthly drop. Second- and third-tier existing-home prices fell 0.3% m/m. New-home prices in first-tier cities rose 0.1% from July; of 70 surveyed cities, 15 reported increases, 49 declines. Top-tier existing-home prices fell 2.7% y/y, easing from July’s 3.7% drop.