9月70城房价环比全跌，一线城市跌幅扩大

Core Insights - In September 2025, the sales prices of commercial residential properties in 70 large and medium-sized cities showed a month-on-month decline, with the year-on-year decline rate continuing to narrow [1] Group 1: Price Trends - In first-tier cities, the new commercial residential property prices decreased by 0.3% month-on-month, with Beijing and Shanghai experiencing slight increases while Guangzhou and Shenzhen saw declines exceeding 0.6% [1] - The second-hand residential property prices in first-tier cities fell by 1.0% month-on-month [1] - In second and third-tier cities, both new and second-hand residential property prices experienced month-on-month declines, with the decline rates generally widening [1]