Today, the National Bureau of Statistics released data on the price changes of commercial residential buildings in 70 large and medium-sized cities for December 2025. In December 2025, the sales prices of commercial residential buildings in 70 large and medium-sized cities showed an overall month-on-month decline, with the year-on-year decline widening.
I. Month-on-month decline in commercial residential sales prices in first, second, and third-tier cities
In December, the sales prices of new commercial residential buildings in first-tier cities fell by 0.3% month-on-month, with the rate of decline narrowing by 0.1 percentage points compared to the previous month. Among them, Shanghai saw an increase of 0.2%, while Beijing, Guangzhou, and Shenzhen fell by 0.4%, 0.6%, and 0.5%, respectively. The sales prices of new commercial residential buildings in second-tier cities fell by 0.4% month-on-month, with the rate of decline widening by 0.1 percentage points. The sales prices of new commercial residential buildings in third-tier cities fell by 0.4% month-on-month, with the rate of decline remaining the same as the previous month.
In December, the sales prices of existing residential buildings in first-tier cities fell by 0.9% month-on-month, with the rate of decline narrowing by 0.2 percentage points compared to the previous month. Among them, Beijing, Shanghai, Guangzhou, and Shenzhen fell by 1.3%, 0.6%, 1.0%, and 0.6%, respectively. The sales prices of existing residential buildings in second and third-tier cities both fell by 0.7% month-on-month, with the rate of decline widening by 0.1 percentage points for both.
II. Year-on-year decline in commercial residential sales prices widens in first, second, and third-tier cities
In December, the sales prices of new commercial residential buildings in first-tier cities fell by 1.7% year-on-year, with the rate of decline widening by 0.5 percentage points compared to the previous month. Among them, Shanghai saw an increase of 4.8%, while Beijing, Guangzhou, and Shenzhen fell by 2.4%, 4.8%, and 4.4%, respectively. The sales prices of new commercial residential buildings in second and third-tier cities fell by 2.5% and 3.7% year-on-year, respectively, with the rates of decline widening by 0.3 and 0.2 percentage points.
In December, the sales prices of existing residential buildings in first-tier cities fell by 7.0% year-on-year, with the rate of decline widening by 1.2 percentage points compared to the previous month. Among them, Beijing, Shanghai, Guangzhou, and Shenzhen fell by 8.5%, 6.1%, 7.8%, and 5.4%, respectively. The sales prices of existing residential buildings in second and third-tier cities both fell by 6.0% year-on-year, with the rates of decline widening by 0.4 and 0.2 percentage points, respectively.
