Month-to-Date Data Shows Tier-1 Cities Outperforming National Average
While August traditionally marks a slow period for China's property market due to summer heat and the post-summer holiday lull, tier-one city housing markets have defied the seasonal pattern in 2026. Shanghai recorded 4,024 new home transactions in August, a 28.28% year-on-year increase, while Guangzhou posted 2,519 units — up 31.61% year-on-year — according to data from An Yi Sheng (安易胜) Property Monitor.
These figures stand in sharp contrast to national trends, where 30 major cities recorded 146 million sqm in new home transaction area in Week 33 (August 9–15), up 8.5% week-on-week but still down 5.3% year-on-year. The divergence underscores the growing bifurcation between high-demand tier-one cities and the broader market.
Week 34: National New Home Sales Rebound 28.8% Week-on-Week
National new home sales recovered strongly in Week 34 (August 16–22), with 30 major cities recording 1.76 million sqm in transaction area — a 28.8% week-on-week jump, though still 9.7% below the same week in 2025. First-tier city new home sales of 470,000 sqm rose 15.2% week-on-week and 16.9% year-on-year, with Guangzhou leading among tier-one cities at a 32.5% month-on-month gain and 37.8% year-on-year growth.
Second-tier cities saw an even sharper rebound, with 980,000 sqm sold — up 36.1% week-on-week — though down 19.3% year-on-year. Cities including Wenzhou, Jinan, and Hangzhou recorded week-on-week gains exceeding 110%.
Secondary Market Remains Resilient
The 20-city secondary home market processed 27,656 transaction units in Week 34, a 4.9% week-on-week increase and a 7.2% year-on-year gain — marking another consecutive week of year-on-year growth. First-tier city secondary sales reached 9,676 units, up 9.8% week-on-week and 10.9% year-on-year.
Guangzhou's new home outperformance is partly attributed to its earlier relaxation of purchase restrictions for Hong Kong, Macau, and foreign buyers, which has broadened the buyer pool. Shanghai's sustained strength reflects its robust demand fundamentals and the market confidence boost from the August 20 policy package.
Outlook: Golden Season May Salvage Full-Month Numbers
Despite mid-month heat-induced weakness — when Shenzhen recorded just 36 new home transactions on August 15 — the overall August trajectory suggests tier-one cities are on track to post positive full-month year-on-year growth, with the traditional "Golden September, Silver October" season expected to provide further support.