February 2026 Housing Price Data Released: Month-over-Month Decline Narrows, Year-over-Year Still Falls, Market Shows Subtle Shifts

The latest data released by the National Bureau of Statistics shows that in February 2026, the commodity housing market in 70 major cities across the country exhibited a differentiated trend. Among them, the number of cities where new commodity housing prices increased or remained flat month-on-month significantly increased compared to the previous month, while year-on-year prices continued to decline, though the decline varied.

In terms of city tiers, the month-on-month price of new commodity housing in first-tier cities shifted from a 0.3% decrease last month to stability, signaling a market recovery. Specifically, Beijing and Shanghai rose by 0.2% each, Guangzhou remained flat, and Shenzhen slightly decreased by 0.3%. In second-tier cities, new commodity housing prices fell by 0.2% month-on-month, and in third-tier cities, they declined by 0.3%, with the declines narrowing by 0.1 percentage points compared to last month. Data shows that in February, 10 cities experienced month-on-month price increases for new commodity housing, 7 cities remained flat, a total increase of 9 cities compared to last month, further highlighting market segmentation.

The second-hand housing market also shows signs of differentiation. In first-tier cities, second-hand housing prices decreased by 0.1% month-on-month, narrowing the decline by 0.4 percentage points from the previous month. Beijing and Shanghai saw increases of 0.3% and 0.2%, respectively, while Guangzhou and Shenzhen declined by 0.5% and 0.4%. In second- and third-tier cities, second-hand housing prices fell by 0.4% and 0.5%, respectively, with declines narrowing by 0.1 percentage points, indicating some easing of market adjustment pressures.

On a year-on-year basis, downward pressure on new commodity housing prices persists. First-tier cities saw a 2.2% decline, an increase of 0.1 percentage points compared to last month, with Shanghai bucking the trend and rising by 4.2%. Beijing, Guangzhou, and Shenzhen declined by 2.3%, 5.1%, and 5.5%, respectively. In second- and third-tier cities, year-on-year declines were 3.1% and 4.0%, with the declines widening by 0.2 and 0.1 percentage points, respectively. The year-on-year decline in the second-hand housing market was more pronounced, with first-tier cities down by 7.6%, unchanged from last month; second-tier cities declined by 6.2%, and third-tier cities by 6.3%, with the declines widening by 0.2 percentage points compared to last month.