各线城市房价环比下降！

Core Insights - The overall trend in residential property prices across major cities in China shows a continued narrowing of the year-on-year decline in August 2025, despite some fluctuations in specific cities [1][3]. Group 1: Month-on-Month Price Changes - In August, the new residential property prices in first-tier cities decreased by 0.1% month-on-month, with a narrowing decline of 0.1 percentage points compared to the previous month. Shanghai saw an increase of 0.4%, while Beijing, Guangzhou, and Shenzhen experienced declines of 0.4%, 0.2%, and 0.4% respectively [2]. - Second-tier cities saw a month-on-month decrease of 0.3% in new residential property prices, with a narrowing decline of 0.1 percentage points. Third-tier cities experienced a 0.4% decrease, with the decline expanding by 0.1 percentage points [2]. - The second-hand residential property prices in first-tier cities fell by 1.0% month-on-month, remaining unchanged from the previous month. Beijing, Shanghai, Guangzhou, and Shenzhen saw declines of 1.2%, 1.0%, 0.9%, and 0.8% respectively [2]. Group 2: Year-on-Year Price Changes - Year-on-year, new residential property prices in first-tier cities decreased by 0.9% in August, with a narrowing decline of 0.2 percentage points compared to the previous month. Shanghai experienced a significant increase of 5.9%, while Beijing, Guangzhou, and Shenzhen saw declines of 3.5%, 4.3%, and 1.7% respectively [3]. - Second-tier cities recorded a year-on-year decrease of 2.4% in new residential property prices, with a narrowing decline of 0.4 percentage points. Third-tier cities experienced a 3.7% decrease, with a narrowing decline of 0.5 percentage points [3]. - The year-on-year decline in second-hand residential property prices in first-tier cities was 3.5%, with an expansion of 0.1 percentage points compared to the previous month. The declines in Beijing, Shanghai, Guangzhou, and Shenzhen were 3.1%, 2.6%, 6.2%, and 1.9% respectively [3].