In the ongoing slump of the Chinese real estate market, the latest data from real estate research institutions shows a continuous decline in housing prices. In September, prices for existing homes in one hundred cities dropped both compared to the same period last year and the previous month, marking the 41st consecutive month of decline. During the third quarter (June to September), the price decline for existing homes expanded.
On September 30th, a report released by the China Index Research Institute revealed that in September, the average price for existing homes in one hundred cities was 13,381 yuan per square meter, down 0.74% from the previous month and 7.38% from the same period last year.
Breaking it down further, existing home prices in first-tier cities fell by 0.60% month-on-month and 3.97% year-on-year; second-tier cities saw a 0.87% monthly decline and an 8.32% annual drop; while third and fourth-tier cities experienced declines of 0.68% on a monthly basis and 7.79% compared to the previous year.
Specifically, 16 cities including Huaian, Yancheng, and Wenzhou saw year-on-year price declines of over 10% for existing homes, with Huaian experiencing the largest drop at 17.46%; 62 cities such as Changzhou, Nanchang, and Dalian had price declines between 5% and 10%; 19 cities like Hangzhou, Taizhou, and Jiaxing saw declines ranging from 3% to 5%; while cities like Urumqi, Shenzhen, and Chengdu had declines within 3%.
In the third quarter, existing home prices in one hundred cities saw a cumulative decrease of 2.26%, with the decline expanding by 0.14% compared to the second quarter, resulting in a total drop of 5.79% for the first three quarters of the year.
The existing home price index for one hundred cities is a monitoring indicator released regularly by the China Real Estate Index System (CREIS), reflecting the monthly changes in the prices of existing homes in 100 key cities across the country.
Earlier on September 22nd, a post by “GeLongHuiTuJieTianXia” on its Weibo account “GeLongHuiTuJieTianXia” shared related images and data, indicating that in first-tier cities Beijing, Shanghai, and Shenzhen, existing home prices had fallen back to 2016 levels, while Guangzhou dropped to February 2017 levels; furthermore, Hong Kong went back to February 2015 levels.
In detail, in August 2025, the existing home price index for Beijing was 293.4, returning to June 2016 levels, a 32.9% decrease from the peak of 437.4; Shanghai’s index was 255.0, going back to February 2016 levels, with a 33.9% decrease from the peak of 385.8; Guangzhou’s index was 328.2, returning to February 2017 levels and falling 35.8% from the peak of 511.5; Shenzhen’s index was 337.9, reverting to March 2016 levels, marking a 40.9% drop from the high of 571.5.
Hong Kong’s existing home price index was 194.2, going back to February 2015 levels and a 27.7% decrease from the peak of 268.8.