National Bureau of Statistics Interpretation: Month-over-Month Decline in Commodity Residential Sales Prices Continued to Narrow in February

Statistics Bureau: Changes in the Sale Prices of Commercial Residential Properties in 70 Major Cities in February 2026

Chief Statistician Wang Zhonghua of the Urban Department of the National Bureau of Statistics interprets the statistical data on the changes in the sale prices of commercial residential properties in February 2026.

In February, the month-over-month decline in the sale prices of commercial residential properties continued to narrow.

— Interpretation of the February 2026 data on the changes in sale prices of commercial residential properties by Wang Zhonghua, Chief Statistician of the Urban Department, National Bureau of Statistics

In February 2026, overall, the month-over-month decline in sale prices of commercial residential properties in 70 major cities continued to narrow, with year-over-year decreases. The number of cities where new commercial residential sale prices increased or remained flat compared to the previous month increased.

1. Month-over-month decline in commercial residential sale prices continues to narrow

In February, the month-over-month sale price of new commercial residential properties in first-tier cities remained flat after a 0.3% decrease last month. Beijing and Shanghai both rose by 0.2%, Guangzhou remained flat, and Shenzhen decreased by 0.3%. In second- and third-tier cities, new commercial residential sale prices decreased by 0.2% and 0.3%, respectively, with the decline narrowing by 0.1 percentage points. Among the 70 major cities, 10 cities saw an increase in new commercial residential sale prices month-over-month, 7 cities remained flat, an increase of 9 cities compared to last month.

In February, the second-hand residential sale prices in first-tier cities decreased by 0.1% month-over-month, with the decline narrowing by 0.4 percentage points from last month. Beijing and Shanghai increased by 0.3% and 0.2%, respectively, while Guangzhou and Shenzhen decreased by 0.5% and 0.4%. In second- and third-tier cities, second-hand residential sale prices decreased by 0.4% and 0.5%, respectively, with the decline narrowing by 0.1 percentage points.

2. Year-over-year decrease in commercial residential sale prices

In February, the year-over-year sale prices of new commercial residential properties in first-tier cities decreased by 2.2%, with the decline expanding by 0.1 percentage points from last month. Shanghai increased by 4.2%, while Beijing, Guangzhou, and Shenzhen decreased by 2.3%, 5.1%, and 5.5%, respectively. In second- and third-tier cities, new commercial residential sale prices decreased by 3.1% and 4.0% year-over-year, with the decline expanding by 0.2 and 0.1 percentage points, respectively.

In February, the year-over-year sale prices of second-hand residential properties in first-tier cities decreased by 7.6%, the same as last month. Beijing, Shanghai, Guangzhou, and Shenzhen decreased by 8.4%, 6.2%, 8.5%, and 7.1%, respectively. Second-hand residential sale prices in second-tier cities decreased by 6.2% year-over-year, unchanged from last month. In third-tier cities, the decline was 6.3%, expanding by 0.2 percentage points.

Notes:

The classification of first-, second-, and third-tier cities in the real estate price statistics of 70 major cities: First-tier cities include Beijing, Shanghai, Guangzhou, and Shenzhen; second-tier cities include Tianjin, Shijiazhuang, Taiyuan, Hohhot, Shenyang, Dalian, Changchun, Harbin, Nanjing, Hangzhou, Ningbo, Hefei, Fuzhou, Xiamen, Nanchang, Jinan, Qingdao, Zhengzhou, Wuhan, Changsha, Nanning, Haikou, Chongqing, Chengdu, Guiyang, Kunming, Xi’an, Lanzhou, Xining, Yinchuan, Urumqi, and 31 other cities; third-tier cities include Tangshan, Qinhuangdao, Baotou, Dandong, Jinzhou, Jilin, Mudanjiang, Wuxi, Xuzhou, Yangzhou, Wenzhou, Jinhua, Bengbu, Anqing, Quanzhou, Jiujiang, Ganzhou, Yantai, Jining, Luoyang, Pingdingshan, Yichang, Xiangyang, Yueyang, Changde, Shaoguan, Zhanjiang, Huizhou, Guilin, Beihai, Sanya, Luzhou, Nanchong, Zunyi, Dali, and others.

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Editor: Shi Xiuzhen SF183