China Housing Index

China’s new home prices across 70 cities fell 2.2% year-on-year in September 2025, easing from August’s 2.5% decline and marking the mildest drop since March 2024, as Beijing’s support measures continued to cushion the property market. The latest result, however, still marked the 27th consecutive month of falling prices. Key cities saw slower declines, including Beijing (-2.6% vs -3.5% in August), Guangzhou (-4.1% vs -4.3%), Shenzhen (-1.8% vs -2.7%), Chongqing (-2.2% vs -2.4%), and Tianjin (-1.2% vs -1.8%), while Shanghai remained an outlier with a 5.6% rise, slightly below August’s 5.9% increase. On a monthly basis, prices dropped 0.4% in September, the steepest decline in 11 months, following a 0.3% drop over the previous three months, highlighting the need for additional stimulus to revitalize the housing market amid ongoing U.S. trade pressures.