National Statistics Bureau Releases July 2026 Price Data
China's property market showed further signs of stabilisation in July 2026, according to data released by the National Bureau of Statistics (NBS) on August 17. While new home prices across 70 major cities continued to decline year-on-year, the pace of contraction narrowed for the third consecutive month. More notably, secondary home prices in first-tier cities rose month-on-month for the fifth straight month, reinforcing the narrative of a market finding its floor.
New Home Prices: Narrowing Falls Across All City Tiers
On a year-on-year basis, July 2026 new home prices showed the following pattern:
| City Tier | YoY Change | Sequential Improvement |
|---|---|---|
| First-tier | −1.1% | ▼ 0.2 pp vs June |
| Second-tier | −2.8% | ▼ 0.3 pp vs June |
| Third-tier | −4.2% | Unchanged |
Among the 70 cities, only Shanghai, Hangzhou, Hefei, and Shenyang recorded year-on-year new home price increases. In first-tier cities, Shanghai led with a 3.0% year-on-year gain; Guangzhou and Shenzhen posted declines of 2.2% and 2.9% respectively, while Beijing fell 2.3%.
Secondary Home Prices: First-Tier Cities Extend Recovery
Secondary home prices in first-tier cities rose 0.2% month-on-month in July — the fifth consecutive monthly increase — indicating sustained demand recovery in major urban centres. Among first-tier cities, Shanghai's secondary home price index has now risen for six straight months, accumulating a gain of 2.2% since January 2026.
On a year-on-year basis, 23 of 70 cities reported month-on-month increases or flat readings in new home prices in July, two more than in June. The number of cities with price stabilisation is gradually expanding.
Inventory: Unsold Inventory Falls for Fifth Consecutive Month
By end-July 2026, national commercial housing unsold inventory stood at 759.11 million square metres, down 0.8% year-on-year — the fifth consecutive monthly decline. This easing in inventory accumulation reflects both moderated new supply and steady absorption in key cities, providing a more sustainable supply-demand balance ahead of the traditional peak season.