8月70城房价出炉，新房上涨城市增加

Core Viewpoint - The real estate market in China shows signs of stabilization with a narrowing decline in sales and an increase in new home prices in several cities, indicating potential recovery in the sector [1][18][24]. Group 1: Market Performance - In the first eight months of 2023, the total sales area of new commercial housing reached 573.04 million square meters, a year-on-year decline of 4.7%, but this decline is 13.3 percentage points narrower than the same period last year [18]. - The sales revenue from new commercial housing was 550.15 billion yuan, down 7.3% year-on-year, with the decline narrowing by 16.3 percentage points compared to the previous year [18]. - As of the end of August, the inventory of unsold commercial housing decreased for six consecutive months, with a total of 76.169 million square meters, down 3.17 million square meters from July [21]. Group 2: Price Trends - In August, among 70 large and medium-sized cities, new home prices increased month-on-month in nine cities, including Shanghai and Hangzhou, with the number of cities experiencing price increases rising by three compared to July [1][17]. - The year-on-year decline in new home prices in first-tier cities was 0.9%, a reduction of 0.2 percentage points from the previous month [8][17]. - The year-on-year decline in second and third-tier cities was 2.4% and 3.7%, respectively, with declines narrowing by 0.4 percentage points [8][16]. Group 3: Policy and Market Outlook - The government has implemented various policies to stabilize the real estate market, including adjustments to housing policies and financial incentives, which have shown some positive effects [24][25]. - Analysts suggest that the market is transitioning from a phase of rapid decline to one of stabilization, with expectations for improved market conditions in the coming months [22][26]. - The upcoming "Golden September" marketing season is anticipated to boost market activity, particularly in core cities, as developers increase their sales efforts [26].