According to Zhongzhi Research Institute, the prices of second-hand residences in the top ten cities have all declined both monthly and yearly, with the yearly decline widening. In terms of monthly changes, Wuhan and Chongqing (main urban areas) have experienced larger monthly declines in second-hand residence prices, at 1.19% and 1.15% respectively. Nanjing, Hangzhou, Beijing, Shanghai, and Tianjin have all seen monthly declines between 0.7% and 1%. Chengdu, Shenzhen, and Guangzhou have all experienced price declines between 0.5% and 0.7%. In terms of yearly changes, Wuhan has the largest yearly decline at 11.04%. Nanjing and Chongqing (main urban areas) follow closely with respective declines of 9.87% and 9.33%. Beijing, Hangzhou, Shanghai, Chengdu, Tianjin, and Guangzhou have all seen yearly declines between 5% and 8%. Shenzhen has the smallest decline at 4.64%.