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].