China’s new home prices across 70 cities dropped 3.2% year-on-year in February 2026, following a 3.1% decline in the previous month. The latest data marked the 32nd consecutive month of contraction and the steepest drop since last June, underscoring Beijing’s ongoing struggle to stabilize the prolonged property downturn, as policymakers have largely relied on measured, incremental support. Among major cities, price declines persisted in Beijing (-2.3% vs -2.4% in January), Guangzhou (-5.1% vs -5.3%), Shenzhen (-5.5% vs -4.9%), Chongqing (-3.8% vs -3.5%), and Tianjin (-4.2% vs -4.0%). In contrast, Shanghai remained the outlier, with home prices continuing to grow at 4.2%, unchanged from January. Monthly, new home prices dipped 0.3%, after a 0.4% fall in the prior three months.