NBS interpretation: In September, commercial residential sales prices in first-tier cities continued to rise month on month, while the month-on-month declines in second- and third-tier cities generally narrowed.

Yang Caifang, Senior Statistician of the Urban Department of the National Bureau of Statistics, interprets the statistical data on changes in commercial residential sales prices in September 2026. In September 2026, among the 70 large and medium-sized cities, commercial residential sales prices in first-tier cities continued to rise month on month, the month-on-month declines in second- and third-tier cities generally narrowed, the year-on-year declines in first-, second-, and third-tier cities all narrowed, and the number of cities with month-on-month increases rose compared with the previous month. I. Commercial residential sales prices in first-tier cities continued to rise month on month, while the month-on-month declines in second- and third-tier cities generally narrowed In September, the month-on-month sales prices of new commercial residential properties in first-tier cities rose 0.1%, the same increase as the previous month. Among them, Shanghai, Guangzhou, and Shenzhen rose 0.2%, 0.2%, and 0.3%, respectively, while Beijing fell 0.2%. The month-on-month sales prices of new commercial residential properties in second-tier cities changed from a decline of 0.1% last month to flat. The month-on-month sales prices of new commercial residential properties in third-tier cities fell 0.2%, the same decline as the previous month. Among the 70 large and medium-sized cities, 17 cities saw month-on-month increases in sales prices of new commercial residential properties, 2 more than the previous month. In September, the month-on-month sales prices of second-hand residential properties in first-tier cities rose 0.2%, an increase 0.1 percentage point larger than the previous month. Among them, Beijing, Shanghai, Guangzhou, and Shenzhen rose 0.1%, 0.5%, 0.1%, and 0.2%, respectively. The month-on-month sales prices of second-hand residential properties in second-tier cities fell 0.2%, a decline 0.1 percentage point narrower than the previous month. The month-on-month sales prices of second-hand residential properties in third-tier cities fell 0.3%, the same decline as the previous month. Among the 70 large and medium-sized cities, 9 cities saw month-on-month increases in sales prices of second-hand residential properties, 6 more than the previous month. II. The year-on-year declines in commercial residential sales prices in first-, second-, and third-tier cities all narrowed In September, the year-on-year sales prices of new commercial residential properties in first-tier cities fell 0.5%, a decline 0.4 percentage point narrower than the previous month. Among them, Beijing, Guangzhou, and Shenzhen fell 2.7%, 1.1%, and 1.0%, respectively, while Shanghai rose 2.8%. The year-on-year sales prices of new commercial residential properties in second- and third-tier cities fell 2.4% and 3.9%, respectively, with the declines narrowing by 0.3 and 0.2 percentage points, respectively. In September, the year-on-year sales prices of second-hand residential properties in first-tier cities fell 1.5%, a decline 1.2 percentage points narrower than the previous month. Among them, Beijing, Guangzhou, and Shenzhen fell 2.5%, 2.9%, and 1.5%, respectively, while Shanghai rose 0.8%. The year-on-year sales prices of second-hand residential properties in second- and third-tier cities fell 4.5% and 5.4%, respectively, with the declines narrowing by 0.4 and 0.2 percentage points, respectively. This article is excerpted from the National Bureau of Statistics, edited by GMTEight's Li Fo.