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China’s new home prices across 70 cities dropped 2.5% year-on-year in August 2025, easing from a 2.8% drop in the previous month. This marked the 26th straight month of decline but the slowest pace since March 2024, as Beijing maintained support measures to cushion the prolonged property downturn. Prices continued to contract in key cities such as Beijing (-3.5% vs -3.6% in July), Guangzhou (-4.3% vs -4.6%), Shenzhen (-2.7% vs -2.2%), Chongqing (-2.4% vs -2.1%), and Tianjin (-1.8% vs -1.9%), while Shanghai remained an outlier with prices up 5.9%, though slightly softer than July’s 6.1% increase. On a monthly basis, prices shrank 0.3% for the third month, reflecting persistently weak demand.