7月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 Viewpoint - In July 2025, the sales prices of commercial residential properties in major cities showed a month-on-month decline, but the year-on-year decline narrowed overall [1]. Group 1: Month-on-Month Price Changes - In July, the sales prices of new commercial residential properties in first-tier cities decreased by 0.2%, with the decline narrowing by 0.1 percentage points compared to the previous month [2]. - Second-tier cities saw a month-on-month decline of 0.4%, with the decline expanding by 0.2 percentage points [2]. - Third-tier cities experienced a month-on-month decline of 0.3%, with the decline remaining the same as the previous month [2]. - The sales prices of second-hand residential properties in first-tier cities decreased by 1.0%, with the decline expanding by 0.3 percentage points [2]. - Second and third-tier cities' second-hand residential prices both decreased by 0.5%, with the decline narrowing by 0.1 percentage points [2]. Group 2: Year-on-Year Price Changes - In July, the year-on-year sales prices of new commercial residential properties in first-tier cities decreased by 1.1%, with the decline narrowing by 0.3 percentage points compared to the previous month [3]. - Shanghai saw an increase of 6.1%, while Beijing, Guangzhou, and Shenzhen experienced declines of 3.6%, 4.6%, and 2.2% respectively [3]. - Second-tier cities' new commercial residential prices decreased by 2.8%, and third-tier cities saw a decline of 4.2%, with both declines narrowing by 0.2 and 0.4 percentage points respectively [3]. - The year-on-year sales prices of second-hand residential properties in first-tier cities decreased by 3.4%, with the decline expanding by 0.4 percentage points [3]. - Second and third-tier cities' second-hand residential prices decreased by 5.6% and 6.4% respectively, with declines narrowing by 0.2 and 0.3 percentage points [3].