“金九”百城房价分化：新房结构性微涨 二手房环比下跌

Core Insights - The real estate market in September showed mixed signals, with new home prices experiencing slight increases while second-hand home prices continued to decline [1][2][5]. New Home Market - In September, the average price of new homes in 100 cities was 16,926 yuan per square meter, reflecting a month-on-month increase of 0.09% and a year-on-year increase of 2.68% [1][2]. - The third quarter saw a cumulative increase of 0.47% in new home prices, although this was a slowdown compared to the previous quarter [2]. - First-tier cities, such as Shanghai and Guangzhou, led the price increases, with Shanghai seeing a month-on-month rise of 0.82% [3][4]. - The new home market is characterized by a structural increase in prices driven by the active launch of quality projects by developers in core cities [3][4]. Second-Hand Home Market - The average price of second-hand homes in September was 13,381 yuan per square meter, marking a month-on-month decrease of 0.74% and a year-on-year decrease of 7.38% [5][6]. - Second-hand home prices have been in a continuous decline for 41 months, with a cumulative drop of 5.79% in the first three quarters of the year [1][5]. - The second-hand market is under significant pressure, particularly in second-tier cities, which experienced the largest declines [6][7]. Policy and Market Dynamics - Recent policy adjustments in cities like Shenzhen and Shanghai aim to alleviate pressure on the second-hand market, including relaxed purchase restrictions and tax incentives [7]. - The overall sentiment in the real estate market remains cautious, with high inventory levels and weak market expectations contributing to ongoing price adjustments [7].