China's First-Tier City Home Prices Rise Month-over-Month in August; Declines Narrow in Second- and Third-Tier Cities
nashnova research
Tier-1 city home prices rose month-on-month in August while Tier-2 and Tier-3 declines narrowed; short-term pressure is easing, but prices remain negative year-on-year and the recovery's durability is unproven.
What changed in Tier-1 cities?
NBS data show August commercial-housing prices in Tier-1 cities rose month-on-month.
This means → Beijing, Shanghai, Guangzhou, and Shenzhen saw monthly prices stop falling and edge up — a short-term positive signal.
The caveat: this is only a month-on-month turn. Year-on-year, prices are still in negative territory.
How are Tier-2 and Tier-3 cities performing?
Tier-2 and Tier-3 commercial-housing prices saw their month-on-month declines narrow overall.
In plain terms = prices are still falling, but at a slower pace than before.
This reflects early signs of marginal improvement spreading beyond top-tier cities as policy support continues.
What signal does the year-on-year data carry?
Year-on-year price declines across all three city tiers continued to narrow.
This means → the gap versus last year is shrinking — the market is inching toward the point where prices stop falling altogether.
But the overall reading remains negative year-on-year — whether the stabilization holds requires confirmation from coming months' data.
市场有风险，内容仅供研究参考，不构成投资建议。