National Bureau of Statistics: The year-on-year decline in the sales prices of residential properties in first-, second-, and third-tier cities narrowed overall in May.

In May 2026, among the 70 major cities, the sales prices of newly built residential properties in first-tier cities increased month-on-month, while second and third-tier cities decreased. The overall decrease in year-on-year sales prices of residential properties in first, second, and third-tier cities narrowed. The number of cities with an increase in month-on-month sales prices of newly built residential properties increased compared to the previous month. 1. Sales prices of newly built residential properties in first-tier cities increased month-on-month, while second and third-tier cities decreased. In May, the sales prices of newly built residential properties in first-tier cities increased by 0.2% month-on-month, with an increase of 0.1 percentage points from the previous month. Among them, Shanghai, Guangzhou, and Shenzhen increased by 0.2%, 0.2%, and 0.4% respectively, while Beijing decreased by 0.2%. The sales prices of newly built residential properties in second-tier cities decreased by 0.1% month-on-month, with the same decrease as the previous month. The sales prices of newly built residential properties in third-tier cities decreased by 0.4% month-on-month, with a widening decrease of 0.1 percentage points from the previous month. Among the 70 major cities, 16 cities had an increase in month-on-month sales prices of newly built residential properties, an increase of 2 cities from the previous month. In May, the sales prices of second-hand residential properties in first-tier cities increased by 0.4% month-on-month, with the same increase as the previous month. Among them, Beijing, Shanghai, Guangzhou, and Shenzhen increased by 0.1%, 0.6%, 0.1%, and 0.6%, respectively. The sales prices of second-hand residential properties in second-tier cities decreased by 0.2% month-on-month, with the same decrease as the previous month. The sales prices of second-hand residential properties in third-tier cities decreased by 0.4% month-on-month, with a widening decrease of 0.1 percentage points from the previous month. Among the 70 major cities, 10 cities had an increase in month-on-month sales prices of second-hand residential properties, a decrease of 2 cities from the previous month. 2. The overall decrease in year-on-year sales prices of newly built residential properties in first, second, and third-tier cities narrowed. In May, the year-on-year sales prices of newly built residential properties in first-tier cities decreased by 1.7%, with a narrowing of 0.4 percentage points from the previous month. Among them, Shanghai increased by 3.2%, while Beijing, Guangzhou, and Shenzhen decreased by 2.1%, 3.3%, and 4.5% respectively. The year-on-year sales prices of newly built residential properties in second-tier cities decreased by 3.2%, with a narrowing of 0.1 percentage points from the previous month. The year-on-year sales prices of newly built residential properties in third-tier cities decreased by 4.2%, with an increase of 0.1 percentage points. In May, the year-on-year sales prices of second-hand residential properties in first-tier cities decreased by 5.8%, with a narrowing of 1.0 percentage points from the previous month. Among them, Beijing, Shanghai, Guangzhou, and Shenzhen decreased by 6.5%, 4.3%, 7.0%, and 5.5% respectively. The year-on-year sales prices of second-hand residential properties in second and third-tier cities decreased by 5.7% and 6.2% respectively, with the decreases narrowing by 0.2% and 0.1% percentage points respectively.