China Housing Index

China’s new home prices in 70 cities shrank 4.0% year-on-year in April 2025, easing from a 4.5% decline in the previous month. While marking the 22nd consecutive month of price drops, it was the slowest pace of contraction since May 2024, reflecting Beijing’s ongoing efforts to stabilize the struggling property sector. Among major cities, prices declined at a softer rate in Beijing (-5.0% vs -5.7% in March), Guangzhou (-6.3% vs -7.2%), Shenzhen (-3.0% vs -3.9%), Tianjin (-1.9% vs -2.2%), and Chongqing (-4.0% vs -5.5%). Meanwhile, prices in Shanghai rose slightly faster (5.9% vs 5.7%). On a monthly basis, new home prices were unchanged for the second straight month.