Core Viewpoint - The latest housing price data released by the National Bureau of Statistics indicates a continued decline in residential property prices across major cities in August 2025, with a narrowing of the year-on-year decline in some categories [1][3]. Summary by Category Monthly Price Changes - In August, the sales prices of newly built residential properties in first-tier cities decreased by 0.1% month-on-month, with the decline narrowing by 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 [4]. - Second-tier cities saw a month-on-month decrease of 0.3% in newly built residential property prices, with the decline narrowing by 0.1 percentage points. Third-tier cities experienced a 0.4% decrease, with the decline expanding by 0.1 percentage points [4]. - The sales prices of second-hand residential properties 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 [4]. - Second-tier cities recorded a 0.6% month-on-month decrease in second-hand residential property prices, with the decline expanding by 0.1 percentage points, while third-tier cities saw a 0.5% decrease, unchanged from the previous month [4]. Yearly Price Changes - Year-on-year, the sales prices of newly built residential properties in first-tier cities decreased by 0.9%, with the decline narrowing by 0.2 percentage points compared to the previous month. Shanghai experienced a price increase of 5.9%, while Beijing, Guangzhou, and Shenzhen saw declines of 3.5%, 4.3%, and 1.7% respectively [5]. - Second-tier cities experienced a year-on-year decrease of 2.4% in newly built residential property prices, with the decline narrowing by 0.4 percentage points. Third-tier cities saw a 3.7% decrease, with the decline narrowing by 0.5 percentage points [5]. - The year-on-year sales prices of second-hand residential properties in first-tier cities fell by 3.5%, with the decline expanding by 0.1 percentage points. Beijing, Shanghai, Guangzhou, and Shenzhen recorded declines of 3.1%, 2.6%, 6.2%, and 1.9% respectively [5]. - Second-tier cities saw a year-on-year decrease of 5.2% in second-hand residential property prices, with the decline narrowing by 0.4 percentage points, while third-tier cities experienced a 6.0% decrease, also with a narrowing decline of 0.4 percentage points [5].

Core Insights - The core viewpoint of the article is that in July 2025, the sales prices of new residential properties in 70 major cities in China experienced a month-on-month decline, while the year-on-year decline showed a narrowing trend overall [1][6][7]. Summary by Category New Residential Property Prices - In Shandong, the new residential property prices in four cities decreased by 0.2% to 0.4% month-on-month, with year-on-year declines also narrowing [1]. - Specific month-on-month changes for new residential property prices in Shandong cities are as follows: Jinan down 0.3%, Qingdao down 0.4%, Yantai down 0.3%, and Jining down 0.2% [1]. - Year-on-year changes for new residential property prices in Shandong cities are: Jinan down 4% (narrowed by 0.2 percentage points), Qingdao down 1.8% (narrowed by 0.3 percentage points), Yantai down 4.4% (narrowed by 0.2 percentage points), and Jining down 3.7% (narrowed by 0.3 percentage points) [1]. Overall Market Trends - In July, the new residential property prices in first-tier cities decreased by 0.2% month-on-month, with a narrowing decline of 0.1 percentage points compared to the previous month [6]. - Year-on-year, first-tier cities saw a 1.1% decline in new residential property prices, which is a narrowing of 0.3 percentage points from the previous month [7]. - The number of cities with year-on-year increases in new residential property prices rose to 5, an increase of 2 from the previous month [7]. Second-hand Residential Property Prices - The second-hand residential property prices in first-tier cities fell by 1.0% month-on-month, with a widening decline of 0.3 percentage points compared to the previous month [6]. - Year-on-year, second-hand residential property prices in first-tier cities decreased by 3.4%, with a widening decline of 0.4 percentage points from the previous month [7].

Summary of Key Points Core Viewpoint The article discusses the changes in residential sales prices across 70 major cities in China for June 2025, highlighting a continued decline in prices both month-on-month and year-on-year, although the rate of decline is slowing. Group 1: Month-on-Month Price Changes - In June 2025, new residential sales prices in first-tier cities decreased by 0.3% month-on-month, with Shanghai increasing by 0.4% while Beijing, Guangzhou, and Shenzhen saw declines of 0.3%, 0.5%, and 0.6% respectively [2]. - Second-hand residential prices in first-tier cities fell by 0.7% month-on-month, consistent with the previous month, with declines in Beijing (1.0%), Shanghai (0.7%), Guangzhou (0.7%), and Shenzhen (0.5%) [2]. Group 2: Year-on-Year Price Changes - Year-on-year, new residential sales prices in first-tier cities dropped by 1.4%, a reduction in the decline rate by 0.3 percentage points compared to the previous month. Shanghai experienced a 6.0% increase, while Beijing, Guangzhou, and Shenzhen saw declines of 4.1%, 5.1%, and 2.5% respectively [3]. - Second-hand residential prices in first-tier cities decreased by 3.0% year-on-year, with the decline rate increasing by 0.3 percentage points. The specific declines were 1.8% in Beijing, 1.3% in Shanghai, 5.9% in Guangzhou, and 2.8% in Shenzhen [3]. Group 3: Price Trends in Second and Third-Tier Cities - New residential sales prices in second-tier cities fell by 3.0% year-on-year, while third-tier cities saw a decline of 4.6%, with both categories experiencing a narrowing of the decline rates by 0.5 and 0.3 percentage points respectively [3]. - Second-hand residential prices in second-tier cities decreased by 5.8% year-on-year, and third-tier cities saw a decline of 6.7%, with both categories also showing a narrowing of the decline rates [3].

Core Insights - In May 2025, the sales prices of commercial residential properties in 70 large and medium-sized cities in China showed a month-on-month decline, while the year-on-year decline continued to narrow [3][5]. Price Changes in New Residential Properties - Among the 70 cities, 13 cities saw a month-on-month increase in new residential property prices, with Hangzhou leading at a 0.8% increase [4]. - In first-tier cities, new residential property prices decreased by 0.2% month-on-month, with Shanghai increasing by 0.7%, while Beijing, Guangzhou, and Shenzhen saw declines of 0.4%, 0.8%, and 0.4% respectively [5]. - Year-on-year, first-tier cities experienced a 1.7% decline in new residential property prices, with Shanghai increasing by 5.9%, while Beijing, Guangzhou, and Shenzhen saw declines of 4.3%, 5.8%, and 2.6% respectively [5]. Price Changes in Second-Hand Residential Properties - In May, first-tier cities' second-hand residential property prices decreased by 0.7% month-on-month, with Beijing, Shanghai, Guangzhou, and Shenzhen experiencing declines of 0.8%, 0.7%, 0.8%, and 0.5% respectively [7]. - Year-on-year, first-tier cities saw a 2.7% decline in second-hand residential property prices, with the decline narrowing by 0.5 percentage points compared to the previous month [7]. Summary of Key Cities - Beijing: New residential prices down 0.4% month-on-month, down 4.3% year-on-year; second-hand prices down 0.8% month-on-month, down 0.7% year-on-year [9]. - Shanghai: New residential prices up 0.7% month-on-month, up 5.9% year-on-year; second-hand prices down 0.7% month-on-month, down 0.1% year-on-year [9]. - Guangzhou: New residential prices down 0.8% month-on-month, down 5.8% year-on-year; second-hand prices down 0.8% month-on-month, down 6.6% year-on-year [9]. - Shenzhen: New residential prices down 0.4% month-on-month, down 2.6% year-on-year; second-hand prices down 0.5% month-on-month, down 3.2% year-on-year [9].