BUSINESS

China’s Second-Tier New-Home Prices Flatten as Property Slump Persists

Published: Oct. 19, 2026 10:30 p.m. GMT+8

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A residential development with homes for sale in Guangzhou, May 10, 2026. Photo: VCG

New-home prices in China’s second-tier cities were flat in September, ending two months of declines, even as the broader property market remained in a prolonged downturn.

Only 17 of 70 major cities recorded month-on-month price increases, according to data released Monday by the National Bureau of Statistics, suggesting that modest gains in top-tier markets have yet to spread widely.

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China’s second-tier new-home prices stabilized in September after two months of declines; only 17 of 70 major cities recorded monthly gains.
First-tier new-home prices rose 0.1% on average, led by Shenzhen (0.3%), while existing-home prices fell in 59 cities nationwide.
September new-home supply nearly doubled month-on-month in 50 key cities, but developers kept discounting; existing-home sales rose 10.7% year-on-year in first nine months.

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Who’s Who

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What Happened When

First nine months of 2026 (as of end-September 2026)：: Existing-home sales rose 10.7% year-on-year to 617.5 million square meters; new-home sales fell 13.8% to 470 million square meters.

July 2026：: Second-tier city new-home prices declined by 0.1%.

August 2026：: Second-tier city new-home prices declined by 0.1%, and a directive from ministries to reform the commercial housing sales system was issued in late August.

September 2026：: New-home prices in second-tier cities flat, ending two months of declines.

September 2026：: First-tier city new-home prices rose 0.1% from August, with Shenzhen up 0.3%, Shanghai and Guangzhou up 0.2%, Beijing down 0.2%; second-tier cities stabilized; third-tier cities fell 0.2%; existing-home prices fell in 59 of 70 cities.

September 2026：: New-home supply in 50 key cities nearly doubled from August to 14.5 million square meters; transactions lifted with opening-day sell-through rates rising to 47.7%.

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