Major Chinese cities report narrowed home price declines in September
Xinhua | October 19, 2026
China's major cities continued to report reduced year-on-year declines in overall home prices in September, data from the National Bureau of Statistics (NBS) showed on Monday.
In the first-tier cities of Beijing, Shanghai, Guangzhou and Shenzhen, new home prices fell 0.5 percent year on year, 0.4 percentage points narrower than the previous month, while the decline in second-hand home prices narrowed from 2.7 percent to 1.5 percent in September.
As for second- and third-tier cities, price declines for both new and second-hand homes moderated compared with August.
On a monthly basis, home prices in first-tier cities rose in September, while second- and third-tier cities generally registered narrowed declines.
Among 70 large and medium-sized cities tracked, 17 recorded rising new home prices month on month in September, two more than the previous month. Nine cities saw rising second-hand home prices, six more than in August.
The NBS releases a monthly home price report tracking market changes in 70 major cities, including four first-tier cities, 31 second-tier cities and 35 third-tier cities.
NBS data also revealed that China's investment in real estate development went down 20.6 percent year on year in the first three quarters of 2026.
"The overall real estate market is moving in a positive direction," said Mao Shengyong, spokesperson of the NBS. He cited positive developments in housing transactions, inventory reduction and property prices as signs of improvement in the sector.
According to Mao, the combined number of online-registered transactions involving new and existing homes has increased in recent months. In the first nine months of 2026, the total floor area of existing homes sold under registered contracts rose 10.7 percent year on year, with existing home transactions consistently accounting for more than 50 percent of total housing transactions.
Mao also highlighted progress in reducing housing inventory. At the end of September, the total floor area of newly built commercial properties available for sale nationwide had declined 1.5 percent year on year, while the floor area of properties that had been on sale for less than three years fell by 5 percent.
Also, prices of newly built commercial residential properties in first-tier cities rose month on month for the second consecutive month in September, while existing home prices increased for the seventh successive month.
Looking at the broader economy, Mao said China's economy maintained stable performance in the first three quarters of 2026, with increasingly evident progress toward innovation-driven and higher-quality development.
He added that positive factors supporting stable economic performance and high-quality development continued to build, providing a solid foundation for achieving the country's annual economic growth target.
China is targeting economic growth of 4.5 percent to 5 percent in 2026 and will strive for better in practice, according to this year's government work report.