New home prices in 70 cities fell -0.37% MoM in December and -2.7% YoY.

Home prices have declined in 42 of the last 45 months.

Resale home values dropped -0.7% MoM, the steepest decline in 15 months.

All 70 major cities saw 2nd-hand home prices fall.

Nationwide residential sales tumbled to 7.3 trillion yuan ($1 trillion) in 2025, the lowest since 2015. Sales are down -55% from their 2021 peak.

China's property sector is in a structural collapse.