China Index Academy: In August, the average price of second-hand housing in 100 cities fell by 0.76% compared to the previous month, with the decline in first-tier cities narrowing.

According to the data monitoring of the Institute of Urban Research, in August 2025, the average price of newly built residential housing in one hundred cities was 16,910 yuan per square meter. With the entry of improvement projects in some cities, there was a structural increase of 0.20% compared to the previous month and a year-on-year increase of 2.73%. As for second-hand housing, the phenomenon of "trading volume for price" continued, with the average price of second-hand residential housing in one hundred cities in August at 13,481 yuan per square meter, a decrease of 0.76% compared to the previous month and a decrease of 7.34% year-on-year. In terms of rental housing, with the gradual fading of the graduation season effect, the release of rental housing demand slowed down. The average rent for residential housing in the top 50 cities decreased slightly in August, with an average rent of 34.88 yuan per square meter per month, a decrease of 0.15% compared to the previous month and a decrease of 3.76% year-on-year. In August, the trading volume of second-hand houses in core cities remained at a certain scale, but prices still faced short-term pressure. The prices of second-hand residential housing in first-tier cities decreased by 0.55% month-on-month, narrowing by 0.06 percentage points from the previous month, and decreased by 4.17% year-on-year; second-tier and third-fourth tier cities saw a month-on-month decrease of 0.85% and 0.78% respectively, with a widened decrease of 0.01 percentage points, and a year-on-year decrease of 8.14% and 7.78% respectively. Looking at individual cities, in August, the prices of second-hand houses in the top ten cities both decreased month-on-month and year-on-year, with Wuhan and Nanjing seeing larger decreases. Specifically, in terms of month-on-month changes, the decrease in Wuhan and Nanjing was 1.20% and 0.97% respectively; Guangzhou and Chongqing (main urban areas) both saw decreases between 0.7% and 0.8%; Tianjin, Beijing, Shanghai, Shenzhen, and Hangzhou saw decreases between 0.3% and 0.7%; Chengdu had the smallest month-on-month decrease in second-hand residential housing prices at 0.19%. In terms of year-on-year changes, Wuhan and Nanjing saw decreases of 9.67% and 9.50% respectively; Tianjin, Guangzhou, and Chongqing (main urban areas) saw decreases between 5% and 6%; Hangzhou, Beijing, and Shanghai saw decreases between 4% and 5%; Shenzhen and Chengdu saw decreases within 3%, with Chengdu having the smallest decrease at 0.98%. Graph: Average listing price and month-on-month changes of second-hand residential housing in the top ten cities in August 2025.