China’s new home prices in 70 cities dropped by 2.8% year-on-year in July 2025, easing from a 3.2% decline in the previous month. It was the 25th consecutive month of contraction, the softest pace since March 2024. The moderation came as Beijing ramped up measures to stem the prolonged property slump. Price falls slowed in major cities including Beijing (-3.6% vs -4.1%), Guangzhou (-4.6% vs -5.1%), Shenzhen (-2.2% vs -2.5%), and Chongqing (-2.1% vs -2.9%), while Tianjin saw a slightly faster drop (-1.9% vs -1.8%). Shanghai prices inched up 6.1% (vs 6.0%). On a monthly basis, prices slipped 0.3% for a second month, reflecting persistently weak demand.