The transaction activity of second-hand homes in key cities saw a significant rebound in September. However, against the backdrop of high listing volumes, prices continued to face certain downward pressure.
In September 2025, the average price of second-hand residential homes in 100 cities was 13,381 yuan per square meter, down 0.74% month-on-month and down 7.38% year-on-year. Transaction activity for second-hand homes in key cities saw a significant rebound in September. However, against the backdrop of high listing volumes, prices continued to face certain downward pressure. As of September, second-hand home prices in the 100 cities have fallen month-on-month for 41 consecutive months. In the third quarter, second-hand home prices in the 100 cities accumulated a decline of 2.26%, with the decline rate widening by 0.14 percentage points compared to the second quarter. In the first three quarters, second-hand home prices in the 100 cities accumulated a decline of 5.79%.
By tier, in September, the month-on-month prices of second-hand residential homes in first-tier, second-tier, and third- and fourth-tier cities fell by 0.60%, 0.87%, and 0.68% respectively (compared to -0.55%, -0.85%, and -0.78% month-on-month in the previous month). From January to September, the prices of second-hand residential homes in first-tier, second-tier, and third- and fourth-tier cities accumulated declines of 3.64%, 6.47%, and 5.96% respectively.
According to the China Real Estate Index System’s 100-city price index, in September 2025, the average price of second-hand residential homes in 100 cities fell 0.74% month-on-month and 7.38% year-on-year; the average price of second-hand residential homes in ten major cities fell 0.67% month-on-month, slightly wider than the decline in August, and fell 4.77% year-on-year.
Looking at individual cities, second-hand home prices in the ten major cities fell both year-on-year and month-on-month in September, with Wuhan, Tianjin, and Nanjing seeing sustained larger declines. Specifically, in terms of month-on-month changes, Wuhan, Tianjin, and Nanjing saw declines of 1.18%, 1.11%, and 1.05% respectively; Guangzhou and Chongqing (main urban area) saw declines between 0.8% and 1.0%; Tianjin, Beijing, Shanghai, and Chengdu saw declines between 0.4% (inclusive) and 0.6% (inclusive); Hangzhou had the smallest month-on-month decline in second-hand residential prices, at 0.38%. In terms of year-on-year changes, Wuhan and Nanjing saw declines of 9.69% and 9.52% respectively; Tianjin, Guangzhou, and Chongqing (main urban area) saw declines between 5% and 7%; Hangzhou, Beijing, and Shanghai saw declines between 3% and 5%; Shenzhen and Chengdu saw declines within 3%, with Chengdu having the smallest decline at 0.84%.
Second-hand Housing Edition integrates multi-dimensional information such as second-hand housing transactions, court auction data, and the CIES Index evaluation/rating system. It incorporates analytical functions like statistics, queries, and map visualization, offering rich and detailed data presentation methods. It comprehensively, multi-perspectively, and deeply displays the industry’s operational status, development trends, and structural changes, enabling quick and accurate analysis and judgment of the existing housing market, thereby providing a basis for institutional investment and decision-making.