China Index Research Institute: Second-hand housing sales in key cities continued to grow year-on-year in June, and the core city market maintained a recovery trend

The Zhitong Finance App learned that according to data monitoring by the China Index Research Institute, in June 2026, second-hand housing sales in key cities continued to increase year-on-year, second-hand housing prices in Shanghai continued to rise month-on-month, prices in Shenzhen changed from decline to rise, and the core city market maintained a recovery trend. Affected by ongoing price adjustments in most cities, the average price of second-hand housing in Baicheng in June was 12,639 yuan/square meter, down 0.42% from the previous month, and the decline was 0.10 percentage points higher than the previous month. Looking at the number of rising and falling cities, 12 cities rose month-on-month, and 88 cities fell month-on-month. Among the core cities, Shanghai rose 0.10% month-on-month and Shenzhen rose 0.03% month-on-month.

In terms of new housing, the average price of newly built homes in Baicheng in June was 17,184 yuan/square meter, up 0.16% month-on-month and 2.00% year-on-year. The price of new homes continued to rise structurally from month to month. In terms of rental housing, driven by the June graduation season, short-term rental demand was concentrated. The average rent for housing in 50 cities was 33.97 yuan/square meter/month, up 0.08% from the previous month and down 2.82% from the previous year.

In terms of second-hand housing, second-hand housing prices in first-tier, second-tier, and third-tier and fourth-tier cities fell 0.16%, 0.46%, and 0.48% respectively in June. The month-on-month decline in first-tier cities increased by 0.01 percentage points from the previous month. Among them, Shanghai continued to rise, rising 0.10% month-on-month, Shenzhen slightly rising 0.03%, and second-tier and third-tier and fourth-tier cities increased 0.12 and 0.10 percentage points month-on-month from the previous month. On a year-on-year basis, first-tier, second-tier and third-tier fourth-tier cities declined by 6.95%, 8.21%, and 7.48%, respectively.

Figure: Second-hand housing prices and month-on-month changes in Baicheng from January 2021 to June 2026

According to the Baicheng Price Index of the China Real Estate Index system, in June 2026, the average price of second-hand housing in Baicheng fell 0.42% month-on-month and 7.68% year on year; the average price of second-hand housing in the top ten cities fell 0.25% month-on-month, down 7.52% year on year. The second-hand housing market in key cities has maintained a certain level of activity. The volume of transactions in most cities is still increasing year on year. The popularity of the second-hand housing market in June was stronger than in previous years. Second-hand housing prices in Shanghai have been rising for four consecutive months. In June, Shenzhen changed from decline to increase.

Looking at cities, in June, Beijing sold 17,000 second-hand housing units, up 9.8% year on year under a high base, hitting a record high for nearly five consecutive months. In the first half of the year, a total of 94,000 second-hand housing units were sold, an increase of 5.7% over the previous year.

The average price of second-hand housing listings in Shanghai rose 0.10% month-on-month. It has been rising for four consecutive months. Prices have continued to recover. The year-on-year decline was 6.08%, and the decline was 0.61 percentage points narrower than the previous month.

Second-hand housing prices in Guangzhou fell 0.25% month-on-month. The decline was 0.11 percentage points narrower than the previous month, the year-on-year decline was 8.11%, and the decline was 0.34 percentage points narrower than the previous month.

Second-hand housing units were sold in Shenzhen. After optimizing the property market policy at the end of April, the effects of the new deal continued to be released. The year-on-year increase of more than 10% for two consecutive months in May-June. The cumulative number of units sold in the first half of the year was 29,000, a decrease of 0.9% over the previous year.

Figure: Average price of second-hand housing listings in the top ten cities and the year-on-year ratio in June 2026