国家统计局：8月各线城市房价环比下跌，房地产市场仍在朝着止跌回稳方向迈进

Core Insights - The real estate market in China is showing signs of stabilization, with a continued narrowing of the year-on-year decline in housing prices, despite a month-on-month decrease in prices across various city tiers [3][9] - The recent adjustments in housing purchase restrictions in major cities like Beijing, Shanghai, and Shenzhen are expected to stimulate demand and enhance market activity [3][9] Price Trends - In August, the sales prices of new residential properties in first-tier cities decreased by 0.1% month-on-month, with Shanghai experiencing a 0.4% increase while Beijing, Guangzhou, and Shenzhen saw declines of 0.4%, 0.2%, and 0.4% respectively [5] - Second-tier cities saw a month-on-month price drop of 0.3%, while third-tier cities experienced a 0.4% decline [5] - Year-on-year, new residential property prices in first-tier cities fell by 0.9%, with Shanghai increasing by 5.9% and other cities like Beijing, Guangzhou, and Shenzhen declining by 3.5%, 4.3%, and 1.7% respectively [6] Investment and Development Data - National real estate development investment reached 60,309 billion yuan in the first eight months, marking a year-on-year decline of 12.9%, with the drop widening by 0.9 percentage points compared to the previous period [7] - The total area of housing under construction decreased by 9.3% year-on-year, with residential construction down by 9.6% [8] - New housing starts and completions also saw significant declines of 19.5% and 17.0% year-on-year respectively [8] Market Dynamics - The sales area of new residential properties fell by 4.7% year-on-year in the first eight months, with sales revenue decreasing by 7.3% [8] - The inventory of unsold residential properties decreased by 3.17 million square meters from the end of July, indicating some improvement in market conditions [8] - The real estate development climate index stood at 93.05, reflecting a persistently low level of market activity [8] Future Outlook - The recent policy adjustments in major cities are expected to lower purchase barriers and stimulate demand, particularly during the traditional peak sales season of "Golden September and Silver October" [9][10] - Industry experts anticipate that the combination of supportive policies and a potential easing of monetary policy will further enhance market recovery [9][10]