China’s property market remained under pressure in August 2026, with new home prices across 70 major cities falling 3.0% year on year and extending the annual decline streak to 38 months. The annual contraction narrowed from 3.2% in July and was the smallest in eight months. New home prices fell 0.17% month on month, or 0.1% under an alternative calculation that marked a third consecutive monthly decline at that rate. Secondhand prices weakened more sharply, falling 0.31% monthly after a 0.29% drop in July. Tier-1 cities provided limited signs of stabilization: new home prices rose monthly in Shanghai, Guangzhou and Shenzhen, while Beijing’s decline narrowed to 0.2%. Shanghai remained the only major tier-1 city with annual growth, at 3.0%, while Guangzhou, Shenzhen and Beijing declined between 1.9% and 2.3%. Policymakers introduced structural housing-market reforms in late August, but Moody’s analysts said their near-term effect on sales would likely be limited, even as they could help restore confidence over time.