China’s June price release gives the first-tier resale market a more useful stabilization signal than new-home headlines alone. National Bureau of Statistics data showed existing-home prices rose month on month in Beijing, Shanghai, Guangzhou and Shenzhen, while first-tier new-home prices rose 0.1%.

Resale Gains Are The Stronger Signal

New-home prices can be influenced by launch mix, developer incentives and supply control. Existing-home prices are harder to manage and reflect household confidence more directly. June’s resale increases of 0.1% in Beijing, 0.4% in Shanghai, 0.4% in Guangzhou and 0.3% in Shenzhen therefore deserve attention.

Shanghai Still Leads The Annual Table

Shanghai remained the only first-tier city with positive annual new-home growth, up 3.1%, while Beijing, Guangzhou and Shenzhen were still below year-earlier levels. That split shows stabilization is spreading monthly but has not erased the longer correction.

Second- And Third-Tier Cities Lag

NBS reported that second-tier new-home prices were flat month on month while third-tier prices still declined. The number of cities with monthly new-home gains rose to 20, the highest since May 2025, but only nine cities recorded monthly resale gains.

Outlook

China’s summer market should be read through resale liquidity in first-tier cities. If existing-home gains continue beyond June, buyers may start believing in stabilization; if not, developers will remain dependent on local easing and discounts.

Read more at China Housing Market.