China’s new home prices across 70 cities fell 2.8% year-on-year in September 2026, easing from a 3.0% decline in the previous month and marking the 39th consecutive month of annual contraction. Still, the pace of decline was the slowest since December 2025, suggesting that continued policy support from Beijing is helping stabilise the property market. Among major cities, price declines moderated in Guangzhou (-1.1% vs -1.9% in August), Shenzhen (-1.0% vs -2.3%), Chongqing (-2.4% vs -3.1%) and Tianjin (-3.6% vs -4.1%). Meanwhile, the decline deepened in Beijing (-2.7% vs -2.3%). Shanghai remained the standout, with new home prices rising 2.8% year-on-year, although growth eased from 3.0% in August. On a monthly basis, new home prices edged down 0.1%, extending recent declines.