China Index Research Institute: Second-hand housing prices in Baicheng fell 0.61% month-on-month in October
The Zhitong Finance App learned that the China Index Research Institute released a report saying that in October 2026, the second-hand housing market in key cities continued to be popular, and sales volume continued to increase year on year, but the price adjustment trend continued. The average price of second-hand housing in Baicheng was 12,376 yuan/square meter, down 0.61% from the previous month. The decline was 0.01 percentage points higher than the previous month, down 6.72% year on year. Looking ahead to the end of the year, the home purchase loan interest rate discount policy will help reduce residents' housing purchase costs. Combined with housing companies' year-end promotions and the entry of high-quality projects in core cities, it is expected to provide some support for new housing transactions, but the overall trend will continue to bottom out. Second-hand housing transactions are expected to remain active, but current market expectations are still weak, and second-hand housing prices are expected to fluctuate and maintain an adjustment trend.
The text is as follows:
According to the survey data of the Hundred Cities Price Index of the China Real Estate Index system on the new construction and second-hand housing sales markets in 100 cities across the country, in October 2026, the second-hand housing market continued to be popular in key cities, and the volume continued to increase, but the price adjustment trend continued. The average price of second-hand housing in Baicheng was 12,376 yuan/square meter, down 0.61% from the previous month. The decline was 0.01 percentage points higher than the previous month, down 6.72% year on year. In terms of new housing, high-quality real estate in key cities such as Shanghai and Beijing accelerated entry into the market in October, driving the price of new homes in Baicheng to continue the structural upward trend. The average price of newly built homes in Baicheng was 1,7316 yuan/square meter, up 0.18% from the previous month and 2.02% from the previous year. In terms of rental housing, the average rent for housing in the 50 cities was 33.87 yuan/square meter/month, down 0.28% month-on-month and 2.02% year-on-year.
Looking ahead to the end of the year, the home purchase loan interest rate discount policy will help reduce residents' housing purchase costs. Combined with housing companies' year-end promotions and the entry of high-quality projects in core cities, it is expected to provide some support for new housing transactions, but the overall trend will continue to bottom out. Second-hand housing transactions are expected to remain active, but current market expectations are still weak, and second-hand housing prices are expected to fluctuate and maintain an adjustment trend. In the future, we need to focus on the continuity of transaction repair in core cities and the performance of the land market at the end of the year. At the same time, the impact of the August 28 New Deal on capital turnover and investment decisions of housing enterprises will gradually be reflected as new projects are developed. Land market performance at the end of the year and 2027 is worth paying attention to. Transition arrangements for projects in transit will help cushion short-term changes in the supply of new homes. The pace of supply of new projects still needs to be further observed in the light of local policy implementation and enterprise development arrangements.
Figure: Monthly prices and month-on-month changes of newly built homes in Baicheng
Figure: Monthly prices and month-on-month changes of second-hand housing in Baicheng
Figure: Average monthly rent and month-on-month changes of residential housing in 50 cities
Data source: Middle Index Data CREIS
Looking at the second-hand housing segment, second-hand housing prices in first-tier cities fell 0.53% month-on-month, an increase of 0.11 percentage points over the previous month; second-tier cities fell 0.72% month-on-month, an increase of 0.02 percentage points; and third- and fourth-tier cities fell 0.54% month-on-month, narrowing the decline by 0.04 percentage points. On a year-on-year basis, second-hand housing prices in first-tier, second-tier, and third-tier and fourth-tier cities fell by 6.00%, 7.21%, and 6.53% respectively in October. Judging from the number of rising and falling cities, 1 city rose month-on-month, 98 cities fell month-on-month, and 1 city remained flat.
In terms of newly built housing, in October, the price of newly built homes in first-tier cities rose 0.41% month-on-month and 5.08% year-on-year. Among them, Beijing, Shanghai, Guangzhou, and Shenzhen rose 0.30%, 0.53%, 0.17%, and 0.01% month-on-month respectively. The rise in new housing prices is still mainly driven by high-price market sales. Second-tier cities rose 0.13% month-on-month and 1.68% year-on-year. The third- and fourth-tier representative cities fell 0.10% month-on-month and 2.01% year-on-year. Looking at the number of rising and falling cities, 32 cities rose month-on-month, 61 cities fell month-on-month, and 7 cities remained flat.
Table: Status of recent new market entry projects in key cities
Data source: Comprehensive compilation by the China Index Research Institute
In terms of rental housing, in October, the average rent for ordinary housing in first-tier cities fell 0.18% month-on-month, up 0.15 percentage points from September, down 0.26% year on year. Among them, rents in Shanghai and Shenzhen continued to rise month-on-month, with increases of 0.25% and 0.11%, respectively. The month-on-month rent declines in Beijing and Guangzhou increased. The average rent decline in second-tier cities increased by 0.13 percentage points to 0.38%, down 3.13% year on year. The month-on-month rent decline in third-tier and fourth-tier cities narrowed by 0.01 percentage points to 0.14%, down 1.65% year on year. Looking at the number of rising and falling cities, 5 cities rose month-on-month, while 45 cities fell month-on-month.
The press conference of the National Development and Reform Commission proposed the timely introduction of practical and effective incremental policies
In terms of policy, on October 20, the National Development and Reform Commission's press conference proposed “promptly introducing pragmatic and effective incremental policies. Take good care of the implementation of incremental policies that have been introduced recently, such as lowering interest rates on supplementary mortgage loans, increasing reloan amounts, interest rates on residential home purchase loans, and financial support for the development of the service industry, and push them to be implemented and effective as soon as possible. At the same time, do a good job of economic monitoring and early warning, and promptly introduce new incremental policies as needed to ensure that the economy remains within a reasonable range.”
At the local level, the reform of the commercial housing sales system has entered a period of intensive implementation of rules, and cities such as Wuhan, Tianjin, Hangzhou, Shenzhen, Ningbo, Shiyan, Wenzhou, Suzhou, Hefei, Chengdu, and Xi'an have successively issued implementation opinions. All regions use August 28 as an important point. Priority is given to existing housing sales for newly announced plots, and pre-sales should complete the main structure; transition periods are also set for various types of projects in transit, which can be executed according to the original pre-sale conditions and supervision of pre-sale funds is strengthened; at the same time, all regions optimize land concession price payment arrangements, stipulate that the down payment within 30 days is not less than 50%, and no interest is accrued within a maximum of two years. Wuhan and Xi'an require a payment ratio of not less than 50% within half a year; several cities clearly support phased development, phased construction permits, installment acceptance and inspection, etc.; In terms of disclosure payments, all regions are required Projects that have obtained pre-sale permits since August 28 can only issue personal housing mortgage loans after completion and filing. In terms of the Provident Fund policy, Shenzhen, Tianjin, Hangzhou, Dongguan and other places have added decoration and property fee withdrawals. Hangzhou raised the increase ratio of loan amounts for multi-child families from 50% to 60%, and raised the maximum loan amount to 3.24 million yuan. In terms of urban renewal, Shanghai issued the “Three-Year Action Plan for Urban Renewal (2026-2028)”, which clarifies the complete renovation of 700,000 square meters of old housing units and the renovation of about 24 million square meters of old neighborhoods. In addition, in October, Anhui, Hubei and other provinces and cities issued about 23 billion yuan of special bonds to collect and buy unused land stocks.
Typical urban sample projects
In October, the Beijing Municipal Commission of Planning and Natural Resources issued “Opinions on Improving the Quality of Residential Public Spaces in the City (Trial)”, which focuses on improving the quality of community public spaces. The core content is the systematic promotion of a floor-mounted design model to create a safer, more comfortable, and more dynamic living environment through the mixed use of three-dimensional space.
On the basis of the theoretical system and structure of the China Real Estate Index system, the China Index Research Institute selected typical sample projects with strong popularity and wide influence in the cities it belongs to, using “typicality” as the basic principle, to study the sample real estate in terms of sales performance, product innovation, etc., and finally arrived at the “Typical City Sample Project from January to October 2026”. While affirming the model representative status of the project, it also provides a benchmark for the market to learn from and learn from.
Prices of newly built homes in Baicheng and their month-on-month increase and decrease in October 2026
Second-hand housing prices in Baicheng and their month-on-month increase and decrease in October 2026
Residential rents and month-on-month increases and decreases in 50 cities in October 2026
