西安房价，连降12个月了！

Core Viewpoint - The real estate market continues to decline, with various metrics hitting multi-year lows, raising concerns about potential stimulus policies in the coming months [1][2]. Group 1: Market Performance - National real estate development investment from January to August 2025 reached 60,309 billion yuan, a year-on-year decrease of 12.9%, with the decline accelerating compared to previous months [2]. - The sales area of commercial housing from January to August 2025 was 57,304 million square meters, and the sales amount was 55,015 billion yuan, representing year-on-year declines of 4.7% and 7.3%, respectively [4]. - The sales area has reached a near 15-year low, while the sales amount has hit a near 10-year low, with both metrics at only half of the levels seen during the peak in 2021 [4]. Group 2: Price Trends - In August 2025, new home prices in 70 major cities saw a month-on-month decline in 58 cities, with only 8 cities experiencing price increases [8]. - The new home prices in Xi'an have fallen for 12 consecutive months, with a month-on-month decrease of 0.6% and a year-on-year decrease of 4.7% in August 2025 [10]. - The second-hand housing market is even more challenging, with only one city, Changchun, seeing a month-on-month price increase in August 2025, while the remaining 69 cities experienced declines [10]. Group 3: Developer Challenges - The decline in sales area and sales amount is expected to further impact developers' land acquisition budgets, leading to a continued decrease in investment [8]. - Developers are under pressure to lower prices to stimulate sales, with many older projects joining the price-cutting trend [13][14]. - There are rumors of a "price limit order" in Xi'an, restricting prices from falling below 95% of the record price, although no official documents have confirmed this [15][16].