“十一”楼市热度分化，这些城市点状回稳

Group 1 - The core observation is a significant shift in consumer spending during the National Day holiday, with 888 million people spending 809 billion yuan on travel rather than real estate [1] - The real estate market showed a "lackluster" performance in October, with a more than 30% decline in new home subscription area compared to the previous month and year [2][3] - Key cities like Chengdu and Hangzhou maintained market heat, while cities like Guangzhou, Wuhan, and Zhengzhou showed signs of weak recovery [2][10] Group 2 - In 22 monitored cities, new home subscriptions during the holiday period totaled 160.9 million square meters, reflecting a 38% month-on-month decline and a 33% year-on-year decline [3][4] - The second-hand housing market saw a dramatic drop, with transactions in eight key cities falling to 5,029 units, a 43% decrease from the previous month and a 55% decrease year-on-year [16][18] - Despite the overall decline, cities like Chengdu and Hangzhou reported positive trends, with Chengdu's subscription scale increasing by 35% year-on-year during the holiday [6][9] Group 3 - The new home transaction data indicates a 20% year-on-year decline in registered area, while the second-hand market experienced a more severe drop [13][16] - In major cities, the performance varied, with first-tier cities like Shanghai, Beijing, and Shenzhen showing resilience, while others like Beijing faced a 76% year-on-year decline in second-hand transactions [17][18] - The overall market sentiment remains cautious, with expectations of continued low transaction volumes in October, potentially leading to further year-on-year declines [19]