China Index Research Institute: The characteristics of the off-season continued, and the sales area of new homes in Baicheng fell by about 7% year-on-month in August
The Zhitong Finance App learned that the China Index Research Institute published an article stating that the characteristics of the off-season continued. In August 20, second-hand housing sales volume fell 10% month-on-month, up 7% year-on-year, and the sales area of new homes in 100 cities all fell by about 7% month-on-month. In terms of the new housing market, the sales area of new homes in 100 cities fell by about 7% year on year in August, with first-tier cities increasing by 13%; the approved listing area in 50 cities fell by about 29% year on year, and market supply continued to shrink.
Figure: Trends in monthly commercial residential sales area in 100 key cities
Note: August is an estimate
Data source: Middle Index Data CREIS
New home sales in key cities: According to preliminary statistics from the China Index, the transaction area of newly built commercial housing in the 100 key cities in August was about 15 million square meters, down about 7% from the previous month and 7% from the previous year. Among them, in August, first-tier cities increased 13% year on year; Shanghai, Guangzhou, and Shenzhen increased 16%, 13%, and 32% year on year, respectively; Beijing remained flat year on year; second-tier cities fell 9% year on year, and cities such as Hangzhou and Wuhan all increased by more than 20% year on year. Cumulatively, in January-August, the total transaction area of newly built commercial housing in 100 cities was about 140 million square meters, a decrease of 10% over the previous year.
Table: New commercial housing transactions in key cities in August 2026 (unit: 10,000 square meters)
Data source: Middle Index Data CREIS
Figure: Approved commercial residential listing area in 50 key cities and the year-on-year trend
Note: August is an estimate
Data source: Middle Index Data CREIS
New housing listings in key cities: In August, the off-season trend of the market continued. Housing companies were less motivated to promote it, and the supply of newly built commercial housing was still low. According to preliminary statistics from the China Index, the approved listing area for newly built commercial housing in the 50 key cities fell by about 29% year on year in August, and the supply of new homes continued to decline year on year. From January to August, the cumulative listing area of newly built homes in 50 cities decreased by 21% year-on-year.
Second-hand housing market: In August 20, the number of units sold in the city increased 7% year on year, and Beijing and Shanghai increased for 6 consecutive months year on year
Figure: Monthly number of second-hand residential units sold in 20 cities and the year-on-year ratio
Data source: Middle Index Data CREIS
Second-hand housing transactions in key cities: According to data from the China Index, in August 20, second-hand housing transactions were 113,000 units, down 9.6% from the previous month, up 7.4% from the previous month, and the increase was 2.1 percentage points narrower than the previous month. Second-hand housing sales declined somewhat month-on-month in August, but continued to grow year-on-year. Cumulatively, 998,000 second-hand residential units were sold in January-August 20, an increase of 6.3% over the previous year.
In terms of specific cities, second-hand housing market turnover in core cities such as Beijing, Shanghai, and Shenzhen continued to grow year on year. Among them, second-hand housing in Beijing and second-hand commercial housing units in Shanghai sold 14,000 and 23,000 units respectively in August. Under a high base, second-hand housing transactions in Beijing and Shanghai achieved year-on-year growth for 6 consecutive months, and market activity continued; the scale of second-hand housing transactions in Shenzhen maintained year-on-year growth, with a year-on-year increase of 5.3% in August. Among second-tier cities, 17,867 second-hand housing units were sold in Chengdu, an increase of 2% over the previous year, while Ningbo and Suzhou increased by more than 20%.
Table: Second-hand housing transactions in key cities from January to August 2026 (unit: unit)
Note: Shanghai, Wuxi, Wenzhou, and Nanning are second-hand commercial housing; other cities are second-hand commercial housing
Market performance after the Beijing-Shanghai New Deal: overall stable, weekly turnover increased month-on-month
After the implementation of the Beijing-Shanghai New Deal, the number of visitors to some new housing projects increased, and the popularity of inquiries about immediate needs and improvements to the customer base increased; second-hand housing tours and consultations were also more active than in the early stages.
Figure: Weekly sales trend of second-hand housing transactions in Beijing and Shanghai 2024-2026
Data source: Middle Index Data CREIS
Judging from online second-hand housing data, according to the China Index data, the average daily sales of second-hand commercial housing units were 460 after the Beijing New Deal in August (8.8-8.31), up 2.8% from the same period last year (2025.8.8-2025.8.31) and 14.2% higher than before the implementation of the New Deal (8.1-8.7). Judging from the weekly data, weekly turnover continued to increase month-on-month for three weeks (8.10-8.30) after the implementation of the New Deal. Cumulatively, in January-August of this year, second-hand commercial residential transactions in Beijing increased 6% year-on-year, reaching a five-year high.
After the Shanghai New Deal (8.21-8.31), the average number of second-hand commercial housing units sold per day was 805, up 19.4% from the same period last year (2025.8.21-2025.8.31) and 12.8% higher than before the implementation of the New Deal (8.1-8.20). After the implementation of the New Deal (8.24-8.30), weekly turnover continued to increase 18.5% year-on-year under a high base. Cumulatively, in January-August of this year, second-hand commercial housing transactions in Shanghai increased 14% year over year, and also hit a five-year high.
Figure: Weekly transaction trends for new homes in Beijing and Shanghai 2024-2026
Data source: Middle Index Data CREIS
Judging from the new housing online signing data, according to the central index data, the average number of newly built commercial residential registrations after the Beijing New Deal (8.8-8.31) was 13,000 square meters, down 2% from the same period last year (2025.8.8-2025.8.31), but increased by 43% from before the New Deal (8.1-8.7). The transaction area of newly built commercial housing remained basically flat year on year in August. Driven by the New Deal, the last three weeks (8.10-8.30) increased by nearly 80% month-on-month. Cumulatively, the number of newly built commercial residential transactions in Beijing fell 1% year-on-year in January-August of this year.
After the Shanghai New Deal (8.21-8.31), the average number of newly built commercial residential applications was 30,900 square meters, a slight decrease of 1% from the same period last year (2025.8.21-2025.8.31), but up 8% from before the New Deal (8.1-8.20), 16% year-on-year in August, and 5% month-on-month in the last week (8.24-8.30). Cumulatively, the number of newly built commercial residential transactions in Shanghai increased by 2% year-on-year from January to August this year.
Overall, after the implementation of the Beijing-Shanghai New Deal, the overall performance of the market was relatively stable. As the effects of the policy continue to be released, it is expected that housing transactions between the two cities may resume during the “Golden Nine and Silver Ten” period, and the stable market trend will be further consolidated, but the overall pattern of fragmentation and repair will continue.
Housing price performance: In August, second-hand housing prices in Baicheng fell 0.45% month-on-month; new housing prices rose 0.15% month-on-month, driven by improved real estate entry in some core cities
Figure: Month-on-month changes in prices of newly built homes and second-hand homes in Baicheng
Data source: Middle Index Data CREIS
According to the Baicheng Price Index of the China Real Estate Index system, the average price of second-hand housing in Baicheng in August was 1,2527 yuan/square meter, down 0.45% from the previous month. The decline was 0.01 percentage points higher than the previous month, down 7.08% year on year. Looking at the hierarchy, second-hand housing prices in first-tier, second-tier, and third-tier and fourth-tier cities fell 0.35%, 0.54%, and 0.41% respectively in August. The month-on-month decline in first-tier cities increased by 0.10 percentage points from the previous month, the month-on-month decline in second-tier cities increased 0.09 percentage points from the previous month, and the month-on-month decline in third- and fourth-tier cities narrower than the previous month. On a year-on-year basis, first-tier, second-tier and third-tier fourth-tier cities declined by 6.43%, 7.56%, and 6.86%, respectively. Judging from the number of rising and falling cities, 7 cities rose month-on-month, while 93 cities fell.
In terms of new housing, the average price of newly built homes in Baicheng in August was 17,255 yuan/square meter, up 0.15% month-on-month and 2.04% year-on-year. In August, some key cities such as Shanghai, Hangzhou, Chengdu, and Tianjin still had high-quality properties entering the market, driving the price of new homes in Baicheng to continue to rise structurally from month to month, but the overall market is still characterized by shrinking supply and demand differentiation. Looking at the hierarchy, the price of newly built homes in first-tier cities rose 0.39% month-on-month and 5.30% year-on-year in August. Among them, Shanghai, Beijing, and Guangzhou rose 0.53%, 0.25%, and 0.13%, respectively. The rise in new housing prices was still mainly driven by new high-priced properties; second-tier cities rose 0.09% month-on-month, up 1.74% year on year; third- and fourth-tier cities represented 0.12% month-on-month, down 2.29% year on year. Judging from the number of rising and falling cities, 24 cities rose month-on-month, 68 fell month-on-month, and 8 remained flat.
Land market: Land auctions for high-quality land plots in Beijing and Shanghai continued in August, driving a year-on-year increase in concession funds, but the transaction area still declined
Figure: Monthly and quarterly average premium rate trends for residential land in 300 cities
Figure: Monthly trend of land concession funds for residential land in 300 cities
Note: Residential land includes pure residential land and comprehensive land containing residential properties.
Data source: Middle Index Data CREIS
In August, the scale of residential land transactions in 300 cities declined year on year, and land concession funds increased year on year, driven by high-quality land plots in Beijing and Shanghai. According to China Index data, in August, residential land transactions in 300 cities were 2.55 million square meters, down 23.5% year on year; land concessions were 142.3 billion yuan, up 33.8% year on year. The large year-on-year increase was mainly driven by high-quality land plots in Beijing and Shanghai. In August, residential land concessions in Beijing and Shanghai were 24.7 billion yuan and 22.6 billion yuan respectively, ranking among the top two in the country. Cumulatively, from January to August 2026, a total of 19.21 million square meters of residential land were sold in 300 cities, a year-on-year decrease of 21.3%; land concessions amounted to 882.1 billion yuan, a year-on-year decrease of 21.5%.
In August, the local auction continued the “spot-shaped high heat” pattern, and housing companies from Beijing and Shanghai actively participated in the auction. In August, according to data from the China Index, the average premium rate for residential land in 300 cities was 7.5%, down from the previous month, but the land auction performance of high-quality land plots in Beijing, Shanghai and other places was still outstanding. In August, there were 7 residential land transactions in Beijing, with 4 premiums, with an average premium rate of 14.0%. Among them, the premium rates for the Haidian Sijiqing Town plot, Chaoyang Guangqu Road plot 0409-10, and Shijingshan apple orchard plot were 14.1%, 19.1%, and 23.5%, respectively; the premium rates for the C-02E-01 plot of PDP0-0405 in Pudong New Area of Shanghai and the 14-01 plot of the Sunqiao Community Unit in Pudong New Area were 28.4% and 26.9%, respectively. The premium rate for the HZ0401003-CZTBGX plot on Shiliugang Road, Pazhou South District, Haizhu District, Guangzhou, reached 33.0%, but the land auction market in Tianjin, Wuxi and other places is still relatively dull.
Also, it is worth noting that on August 28, Guangzhou's first “existing housing sales commitment system” plot was successfully sold and obtained at the reserve price of a state-owned enterprise in Nansha District. As supporting support, the government allowed the land concession to be paid in installments, no less than 50% within 30 days of signing the contract, and the balance can be paid within 2 years, which can ease the pressure on enterprises to pay land payments in the early stages. On August 31, in the first local auction in Shanghai after the New Deal, CNOOC obtained the Putuo Zhenru plot at a reserve price, with a total price of 15.019 billion yuan.
Figure: Since 2020, residential land concessions in different cities have accounted for the share of the country (entire city)
Table: Residential land transactions in key cities in August and January-August 2026
Data source: Middle Index Data CREIS
In terms of urban concentration, according to data from the China Index, residential land concessions in the top 20 cities in the country accounted for 61% of the country from January to August 2026. Among the top 20 cities, there are mainly first-tier and second-tier cities. Among them, in January-August, Shanghai's residential land concessions were 97.5 billion yuan, continuing to rank first in the country; Beijing and Hangzhou ranked second and third respectively; Guangzhou had about 47 billion yuan in concessions, and Nanjing, Shenzhen, and Chengdu all had concessions of around 30 billion yuan. Looking at the month of August alone, the sales amount for high-quality land plots in Beijing, Shanghai, and Guangzhou all exceeded 10 billion yuan, of which Beijing and Shanghai both exceeded 20 billion yuan.
Table: Top 5 plots with total residential land transaction prices in August 2026
Data source: Middle Index Data CREIS