China’s new home prices across 70 major cities fell 2.8% in September 2026 compared with a year earlier, according to the supplied data, extending the housing market’s annual decline to 39 consecutive months.
The pace of contraction slowed from 3% in August, marking the smallest annual decline since December 2025. The moderation suggests that the downturn may be losing some momentum, although the market has yet to return to sustained growth.
On a monthly basis, new home prices edged down 0.1%, indicating that downward pressure continued despite measures introduced by Beijing to support housing demand.
Price Declines Ease in Several Major Cities
Annual price declines moderated in several major urban markets in September.
Guangzhou recorded a 1.1% decrease, compared with a 1.9% decline in August. Shenzhen’s annual decline narrowed to 1%, from 2.3% in the previous month.
In Chongqing, new home prices fell 2.4% year over year, easing from a 3.1% decline in August. Tianjin also recorded a smaller decrease, with prices down 3.6%, compared with 4.1% previously.
Beijing moved in the opposite direction. New home prices in the Chinese capital fell 2.7% annually, compared with a 2.3% decline in August, indicating that the slowdown in price declines was not consistent across all major cities.
Shanghai Remains an Exception
Shanghai continued to outperform other major property markets, with new home prices rising 2.8% year over year in September.
However, the increase was slower than August’s 3% annual growth, suggesting that even the strongest major market experienced some moderation.
The difference between Shanghai and cities where prices continued to fall highlights the uneven nature of China’s property market. Conditions vary across locations, reflecting differences in demand and local market dynamics.
Government Support Faces a Challenging Market
Beijing has introduced measures to support economic activity and housing demand, including mortgage interest subsidies for eligible first-time buyers and additional financial support for selected sectors.
These initiatives aim to encourage purchases and improve financing conditions as the property sector continues to face pressure.
The September figures, if confirmed by official data, would indicate that annual price declines are becoming less severe. However, the continued monthly decrease and the 39th consecutive annual contraction suggest that a broad recovery remains uncertain.
The housing downturn is an important concern for China’s economy because property market conditions influence household wealth, construction activity and demand across related industries.
For now, the latest reported figures point to a gradual moderation in annual price declines rather than a clear reversal of the prolonged property slump.
Source: National Bureau of Statistics of China (NBS). September 2026 figures are based on the supplied data summary and require confirmation against the official release before publication.
