NBS: Tier-1 City Second-hand Home Prices Rise for 7th Straight Month

Data released by the National Bureau of Statistics (NBS) on October 19 shows that second-hand residential sales prices in tier-1 cities rose by 0.2% month-on-month in September 2026, expanding the increase from the previous month. This marks the seventh consecutive month of growth since March this year. Shanghai led all 70 large and medium-sized cities with a 0.5% rise, while Beijing, Guangzhou, and Shenzhen saw increases of 0.1%, 0.1%, and 0.2% respectively.

During the same period, second-hand home prices in tier-2 cities fell by 0.2% MoM, narrowing the decline, while tier-3 cities dropped by 0.3%, matching the previous month's rate. New commodity housing prices in tier-1 cities rose by 0.1% MoM, maintaining growth for two consecutive months. Analysts noted that September is traditionally a peak season ('Golden September'), with developers increasing supply and new policies such as revised housing provident fund regulations and mortgage interest subsidies supporting market transactions and price stability in key cities.