China Index Academy: Prices of second-hand homes in 100 cities fell 0.61% month-on-month in October.

China Index Academy report: In October 2026, the heat in the second-hand housing market in key cities continued, with transaction volume maintaining year-on-year growth, but the price adjustment trend persisted. The average price of second-hand homes in 100 cities was RMB12,376/sq m, down 0.61% month-on-month, with the decline widening by 0.01 percentage points from the previous month, and down 6.72% year-on-year. Looking ahead to year-end, the home purchase loan interest subsidy policy will help reduce residents' home-buying costs. Combined with developers' year-end launch promotions and the entry of high-quality projects in core cities, this is expected to provide some support for new home transactions, but the overall bottoming-out trend is expected to continue. Second-hand home transactions are expected to maintain a certain level of activity, but current market expectations remain weak, and second-hand home prices are expected to maintain a fluctuating adjustment trend. The full text is as follows: According to survey data from the China Real Estate Index System's 100 Cities Price Index on the new and second-hand residential sales markets in 100 cities nationwide and the rental market in 50 cities: In October 2026, the heat in the second-hand housing market in key cities continued, with transaction volume maintaining year-on-year growth, but the price adjustment trend persisted. The average price of second-hand homes in 100 cities was RMB12,376/sq m, down 0.61% month-on-month, with the decline widening by 0.01 percentage points from the previous month, and down 6.72% year-on-year. In the new home segment, in October, high-quality projects in key cities such as Shanghai and Beijing accelerated their market entry, driving a continued structural rise in new home prices across the 100 cities. The average price of new residential homes in 100 cities was RMB17,316/sq m, up 0.18% month-on-month and up 2.02% year-on-year. In the rental housing segment, the average residential rent in 50 cities was RMB33.87/sq m/month, down 0.28% month-on-month and down 2.02% year-on-year. Looking ahead to year-end, the home purchase loan interest subsidy policy will help reduce residents' home-buying costs. Combined with developers' year-end launch promotions and the entry of high-quality projects in core cities, this is expected to provide some support for new home transactions, but the overall bottoming-out trend is expected to continue. Second-hand home transactions are expected to maintain a certain level of activity, but current market expectations remain weak, and second-hand home prices are expected to maintain a fluctuating adjustment trend. Going forward, close attention should be paid to the sustainability of transaction recovery in core cities and the performance of the land market at year-end. At the same time, the impact of the August 28 New Policy on developers' development fund turnover and investment decisions will gradually become apparent as new projects are developed, and the land market performance at year-end and in 2027 merits attention. Transitional arrangements for projects in progress will help buffer short-term changes in new home supply, while the supply pace of new projects still needs further observation in light of policy implementation across localities and corporate development arrangements. Chart: Monthly prices and month-on-month changes of new residential homes in 100 cities Chart: Monthly prices and month-on-month changes of second-hand residential homes in 100 cities Chart: Monthly average residential rents and month-on-month changes in 50 cities Data source: China Index Data CREIS By tier, in the second-hand residential segment, second-hand home prices in first-tier cities fell 0.53% month-on-month, with the decline widening by 0.11 percentage points from the previous month; second-tier cities fell 0.72% month-on-month, with the decline widening by 0.02 percentage points; third- and fourth-tier cities fell 0.54% month-on-month, with the decline narrowing by 0.04 percentage points. Year-on-year, in October, second-hand home prices in first-tier, second-tier, and third- and fourth-tier cities fell 6.00%, 7.21%, and 6.53%, respectively. In terms of the number of cities with price changes, 1 city saw a month-on-month increase, 98 cities saw a month-on-month decrease, and 1 city remained flat. In the new residential segment, in October, new home prices in first-tier cities rose 0.41% month-on-month and 5.08% year-on-year, with Beijing, Shanghai, Guangzhou, and Shenzhen rising 0.30%, 0.53%, 0.17%, and 0.01% month-on-month, respectively. The rise in new home prices still mainly relied on the market entry of high-priced projects. Second-tier cities rose 0.13% month-on-month and 1.68% year-on-year. Representative third- and fourth-tier cities fell 0.10% month-on-month and 2.01% year-on-year. In terms of the number of cities with price changes, 32 cities saw a month-on-month increase, 61 cities saw a month-on-month decrease, and 7 cities remained flat. Table: Recent new market entries in key cities Data source: China Index Academy comprehensive compilation In the rental housing segment, in October, average rents for ordinary residential housing in first-tier cities fell 0.18% month-on-month, with the decline widening by 0.15 percentage points from September, and down 0.26% year-on-year. Among them, rents in Shanghai and Shenzhen continued to rise month-on-month, by 0.25% and 0.11%, respectively, while the month-on-month declines in Beijing and Guangzhou widened. Average rents in second-tier cities saw the month-on-month decline widen by 0.13 percentage points to 0.38%, and fell 3.13% year-on-year. Rents in representative third- and fourth-tier cities saw the month-on-month decline narrow by 0.01 percentage points to 0.14%, and fell 1.65% year-on-year. In terms of the number of cities with price changes, 5 cities saw a month-on-month increase and 45 cities saw a month-on-month decrease. NDRC press conference proposes timely rollout of practical and effective incremental policies On the policy front, on October 20, the National Development and Reform Commission press conference proposed to "timely roll out practical and effective incremental policies. We will ensure the implementation of recently introduced incremental policies, including lowering the interest rate on pledged supplementary lending, increasing re-lending quotas, interest subsidies for residents' home purchase loans, and financial support for the development of the service industry, and push for them to take effect as soon as possible. At the same time, we will do a good job in economic monitoring and early warning, and introduce new incremental policies in a timely manner as needed to ensure that the economy operates within a reasonable range." At the local level, reform of the commercial housing sales system has entered a period of intensive implementation of detailed rules, with cities including Wuhan, Tianjin, Hangzhou, Shenzhen, Ningbo, Shiyan, Wenzhou, Suzhou, Hefei, Chengdu, and Xi'an successively issuing implementation opinions. Localities have taken August 28 as an important node: newly announced land parcels will prioritize existing-home sales, and pre-sale projects should complete the topping-out of the main structure; transitional periods are set by category for various projects in progress, and eligible projects may proceed under the original pre-sale conditions, with pre-sale fund supervision strengthened; at the same time, all localities have optimized land transfer payment arrangements, with many stipulating that the down payment within 30 days shall be no less than 50%, and the balance paid in full within a maximum of two years without interest, while Wuhan and Xi'an require a payment ratio of no less than 50% within half a year; multiple cities have explicitly supported phased development, phased construction permits, and phased acceptance; regarding mortgage disbursement, all localities require that for projects obtaining pre-sale permits from August 28 onward, individual housing mortgage loans may only be disbursed after completion acceptance filing. On the housing provident fund policy front, Shenzhen, Tianjin, Hangzhou, Dongguan, and other places have added withdrawals for renovation and property management fees. Hangzhou raised the upward adjustment ratio of loan limits for multi-child families from 50% to 60%, with the maximum loan limit raised to RMB3.24 million. On the urban renewal front, Shanghai issued the "Three-Year Action Plan for Urban Renewal (20262028)," specifying the complete renovation of 700,000 sq m of old housing and the renovation of approximately 24 million sq m of old residential communities. In addition, in October, Anhui, Hubei, and other provinces and cities issued approximately RMB23 billion in special bonds to recover and acquire idle existing land. Typical city sample projects In October, the Beijing Municipal Commission of Planning and Natural Resources issued the "Opinions on Improving the Quality of Residential Public Spaces in the City (Trial)," focusing on improving the quality of community public spaces. Its core content is the systematic promotion of elevated-slab design, creating a safer, more comfortable, and more vibrant living environment through the composite use of three-dimensional space. Based on the theoretical system and framework of the China Real Estate Index System, the China Index Academy selected typical sample projects with strong visibility and wide influence in their respective cities from the sample projects of the 100 Cities New Residential Price Index. Taking "typicality" as the basic principle, it studied the sample projects from aspects such as sales performance and product innovation, and ultimately produced the "2026 JanuaryOctober Typical City Sample Projects," affirming the projects' status as exemplary representatives while also providing benchmarks for the market to learn from and reference. October 2026 prices and month-on-month changes of new residential homes in 100 cities October 2026 prices and month-on-month changes of second-hand residential homes in 100 cities October 2026 residential rents and month-on-month changes in 50 cities