New home prices in China’s four first-tier cities rose by an average of 0.1% in June 2026, marking a four-month rebound and indicating a gradual recovery in market sentiment as housing stabilisation measures take effect.

According to data released by the National Bureau of Statistics on Wednesday, July 15th, 2026, compared with May, home prices increased by 0.3% in Shanghai and Shenzhen, and by 0.2% in Guangzhou. However, prices in Beijing fell by 0.3% month-on-month.

Among 70 large and medium-sized cities tracked nationwide, 20 saw month-on-month price increases in June, up from 16 in May and the highest level since May 2025.

Year-on-year, prices in first-tier cities were down an average of 1.3% last month, narrowing the decline by 0.4 percentage points from May. Shanghai was the only first-tier city to record a year-on-year increase, with prices rising 3.1%. In contrast, Beijing saw a 2.1% year-on-year decrease, Guangzhou was down 2.6%, and Shenzhen fell 3.6%, though the pace of decline slowed in Guangzhou and Shenzhen.

Yan Yuejin, vice-president of Shanghai-based property consultancy E-house China Research and Development Institute, commented, “The decline has narrowed for two consecutive months on a year-on-year basis. This indicator better captures the fundamental shifts in the property market, and signals that after years of sustained adjustments, the market has built up ability for self-repair.”