国家统计局公布70城房价：各线城市商品住宅销售价格环比下降 同比降幅整体有所收窄

Core Insights - The July 2025 residential property sales price data shows a decline in prices across various city tiers, with a narrowing of the year-on-year decline in some areas [1][2] Group 1: Month-on-Month Changes - In July, the new residential property prices in first-tier cities decreased by 0.2% month-on-month, with a smaller decline compared to the previous month [1] - Beijing's prices remained stable, while Shanghai saw a 0.3% increase; Guangzhou and Shenzhen experienced declines of 0.3% and 0.6%, respectively [1] - Second-tier cities saw a 0.4% month-on-month decline, which is an increase in the rate of decline by 0.2 percentage points [1] - Third-tier cities also experienced a 0.3% month-on-month decline, with the rate of decline remaining unchanged from the previous month [1] Group 2: Year-on-Year Changes - Year-on-year, first-tier cities' new residential property prices fell by 1.1%, but the decline rate narrowed by 0.3 percentage points compared to the previous month [2] - Shanghai's prices increased by 6.1%, while Beijing, Guangzhou, and Shenzhen saw declines of 3.6%, 4.6%, and 2.2%, respectively [2] - Second-tier cities experienced a year-on-year decline of 2.8%, and third-tier cities saw a 4.2% decline, with both categories showing a narrowing of the decline rates [2] - In the second-hand housing market, first-tier cities' prices fell by 3.4% year-on-year, with the decline rate widening by 0.4 percentage points [2] - The year-on-year declines for second-hand housing in second and third-tier cities were 5.6% and 6.4%, respectively, with both showing a narrowing of the decline rates [2]