国家统计局：12月份70个大中城市商品住宅销售价格环比总体下降、同比降幅扩大

Core Insights - In December 2025, the sales prices of commercial residential properties in 70 large and medium-sized cities in China experienced a month-on-month decline, with an expanded year-on-year decrease [1] Group 1: Month-on-Month Price Changes - In December, the sales prices of new commercial residential properties in first-tier cities decreased by 0.3%, with Shanghai increasing by 0.2% while Beijing, Guangzhou, and Shenzhen saw declines of 0.4%, 0.6%, and 0.5% respectively [2] - Second-tier cities experienced a 0.4% month-on-month decline in new commercial residential property prices, with the decline expanding by 0.1 percentage points [2] - Third-tier cities also saw a 0.4% month-on-month decrease in new commercial residential property prices, maintaining the same decline as the previous month [2] - The month-on-month prices of second-hand residential properties in first-tier cities fell by 0.9%, a reduction of 0.2 percentage points compared to the previous month [2] - Second-hand residential property prices in second and third-tier cities both decreased by 0.7%, with the decline expanding by 0.1 percentage points [2] Group 2: Year-on-Year Price Changes - In December, the year-on-year sales prices of new commercial residential properties in first-tier cities dropped by 1.7%, with the decline expanding by 0.5 percentage points compared to the previous month [3] - Shanghai saw a year-on-year increase of 4.8%, while Beijing, Guangzhou, and Shenzhen experienced declines of 2.4%, 4.8%, and 4.4% respectively [3] - Year-on-year prices for new commercial residential properties in second and third-tier cities fell by 2.5% and 3.7%, with declines expanding by 0.3 and 0.2 percentage points respectively [3] - The year-on-year prices of second-hand residential properties in first-tier cities decreased by 7.0%, with the decline expanding by 1.2 percentage points compared to the previous month [3] - Second-hand residential property prices in second and third-tier cities both fell by 6.0%, with declines expanding by 0.4 and 0.2 percentage points respectively [3] Group 3: Price Index Data - The price index for new commercial residential properties in Beijing was reported at 98.7 (month-on-month) and 91.5 (year-on-year) [4] - Other cities such as Shanghai and Guangzhou also showed declines in their respective price indices, indicating a broader trend across major urban areas [4] - The average price indices for the year 2025 reflect a consistent downward trend in residential property prices across various city tiers [4] Group 4: City Classification - The classification of cities includes first-tier cities such as Beijing, Shanghai, Guangzhou, and Shenzhen; second-tier cities encompass a total of 31 cities including Tianjin, Hangzhou, and Wuhan; while third-tier cities consist of 35 cities including Tangshan, Jilin, and Yichang [5]