China house prices: 17 of 70 cities rose in September 2026
New-build prices rose in 17 of the 70 cities tracked, two more than in August, while the annual decline narrowed in first-, second- and third-tier cities alike.
The facts
- New-build home prices rose month on month in 17 of 70 cities in September, two more than in August; second-hand prices rose in 9 cities, six more than in August.
- First-tier city new-build prices rose 0.1% on the month, the same pace as August; second-tier prices were flat after a 0.1% fall; third-tier prices fell 0.2%.
- Second-hand prices rose 0.2% on the month in first-tier cities and fell 0.2% in second-tier and 0.3% in third-tier cities.
- Year on year, new-build prices were down 0.5% in first-tier, 2.4% in second-tier and 3.9% in third-tier cities, each decline narrower than in August.
- Second-hand prices were down 1.5% year on year in first-tier cities, 4.5% in second-tier and 5.4% in third-tier cities.
- Among the four first-tier cities, new-build prices were 2.8% above a year earlier in Shanghai but 2.7% below in Beijing, 1.1% below in Guangzhou and 1.0% below in Shenzhen.
What it means for your money
- Buying in is still getting cheaper almost everywhere. But the discount is shrinking month by month.
- The deeper cuts are in the resale market: second-hand prices are 4.5% and 5.4% below a year ago in second- and third-tier cities, against 2.4% and 3.9% for new-build. Existing stock is repricing faster than developer stock.
- One first-tier market has turned. Shanghai new-build prices are 2.8% above a year earlier while Beijing's are 2.7% below, so a national figure says little about the city a buyer is actually in.
- For an existing owner, the index is still below a year ago in all three tiers, and the bureau publishes index changes only — no price levels — so a valuation cannot be read off this release.
What to watch
- The survey covers each city's urban districts and excludes counties, as the bureau states in its notes.
- From January 2026 the index uses 2025 as its new comparison base with reweighted categories; the bureau puts the average effect on monthly year-on-year indices at within 0.03 percentage points.
- A city with no transactions in the month is treated as showing no overall price change, which the bureau also states in its notes.
Sources: National Bureau of Statistics of China https://www.stats.gov.cn/sj/zxfb/202610/t20261019_1965609.html; National Bureau of Statistics of China https://www.stats.gov.cn/sj/sjjd/202610/t20261019_1965610.html