National Bureau of Statistics interpretation: The sales prices of primary residential buildings in first-tier cities continued to rise month-on-month in January, while overall prices in second and third-tier cities slightly decreased.

On February 19, Wang Zhonghua, the chief statistician of the urban sector of the National Bureau of Statistics, interpreted the statistical data on the changes in the sales prices of residential properties in January 2025. In January 2025, among the 70 large and medium-sized cities, the sales prices of residential properties in first-tier cities continued to rise month-on-month, while the prices in second and third-tier cities slightly decreased overall; the year-on-year decline in sales prices in first, second, and third-tier cities continued to narrow. The original text is as follows: In January 2025, the sales prices of residential properties in first-tier cities continued to rise month-on-month, while the prices in second and third-tier cities decreased slightly overall. - Wang Zhonghua, the chief statistician of the urban sector of the National Bureau of Statistics, interprets the statistical data on the changes in the sales prices of residential properties in January 2025. In January 2025, among the 70 large and medium-sized cities, the sales prices of residential properties in first-tier cities continued to rise month-on-month, while the prices in second and third-tier cities decreased slightly overall; the year-on-year decline in sales prices in first, second, and third-tier cities continued to narrow. I. The sales prices of residential properties in first-tier cities continued to rise month-on-month, while the prices in second and third-tier cities decreased slightly overall. In January, the sales prices of new residential properties in first-tier cities rose by 0.1% month-on-month, with the growth rate dropping by 0.1 percentage points from the previous month. Among them, Beijing decreased by 0.4%, Guangzhou remained the same, while Shanghai and Shenzhen increased by 0.6% and 0.2% respectively. The sales prices of second-hand residential properties in first-tier cities rose by 0.1% month-on-month, with the growth rate dropping by 0.2 percentage points from the previous month. Among them, Beijing, Shanghai, and Shenzhen increased by 0.1%, 0.4%, and 0.4% respectively, while Guangzhou decreased by 0.2%. In January, the sales prices of new residential properties in second-tier cities increased from being the same as the previous month to a 0.1% increase month-on-month, marking the first increase since June 2023; the sales prices of second-hand residential properties decreased by 0.3% month-on-month, with the same rate of decline as the previous month. The sales prices of new and second-hand residential properties in third-tier cities both decreased by 0.2% and 0.4% month-on-month, with the same rate of decline as the previous month. In January, among the 70 large and medium-sized cities, there were 24 cities where the sales prices of new residential properties increased month-on-month, an increase of 1 city from the previous month; there were 7 cities where the sales prices of second-hand residential properties increased month-on-month, a decrease of 2 cities from the previous month. II. The year-on-year decline in the sales prices of residential properties in first, second, and third-tier cities continued to narrow In January, the year-on-year decline in the sales prices of new residential properties in first-tier cities was 3.4%, a narrowing of 0.4 percentage points from the previous month. Among them, Beijing, Guangzhou, and Shenzhen decreased by 5.7%, 8.4%, and 5.2% respectively, while Shanghai increased by 5.6%. The year-on-year decline in the sales prices of second-hand residential properties in first-tier cities was 5.6%, a narrowing of 1.1 percentage points from the previous month, with Beijing, Shanghai, Guangzhou, and Shenzhen decreasing by 3.8%, 2.3%, 10.0%, and 6.1% respectively. In January, the year-on-year decline in the sales prices of new residential properties in second-tier cities was 5.0%, a narrowing of 0.4 percentage points from the previous month; the year-on-year decline in the sales prices of second-hand residential properties was 7.6%, a narrowing of 0.3 percentage points from the previous month. The year-on-year decline in the sales prices of new and second-hand residential properties in third-tier cities was 6.0% and 8.2% respectively, with both rates of decline narrowing by 0.2 percentage points from the previous month. This article is selected from the "National Bureau of Statistics", edited by Li Fo for GMTEight.