前三季度全国新房销售6.3万亿

Core Insights - The real estate market in China is experiencing a downward trend in new home prices, with first-tier cities seeing a month-on-month decline of 0.3% and second-tier cities a decline of 0.4% in September [1][3] - The total sales area of new residential properties from January to September reached 65.835 million square meters, with a sales revenue of 630.40 billion yuan, both showing a year-on-year decline [1][7] - The overall expectation for new home sales revenue for the year is projected to be between 8.5 trillion and 9 trillion yuan, down from 9.68 trillion yuan last year [1] New Home Market - First-tier cities are showing a mixed performance, with Beijing and Shanghai experiencing slight increases in new home prices of 0.2% and 0.3%, while Guangzhou and Shenzhen saw declines of 0.6% and 1.0% respectively [3][4] - Second-tier cities also faced a decline, with notable increases in prices in cities like Hangzhou and Changchun, which rose by 0.3% and 0.1% respectively [3][4] Second-Hand Home Market - The second-hand home market is under pressure, with prices in 70 major cities showing no increases in September, and first-tier cities experiencing a month-on-month decline of 1.0% [5] - The average price decline in second and third-tier cities was 0.7% and 0.6% respectively, indicating a broader market trend [5] Inventory and Sales Dynamics - The total inventory of unsold residential properties decreased by 39.63 million square meters by the end of September, with residential inventory specifically down by 32.37 million square meters [7] - The sales area of new residential properties saw a year-on-year decline of 5.6%, while the sales revenue dropped by 7.6% [7][8] Construction and Investment Trends - Real estate development investment from January to September was 677.06 billion yuan, a year-on-year decrease of 13.9%, with residential investment down by 12.9% [7][8] - The area under construction decreased by 9.4%, with new construction area dropping by 18.9%, indicating a significant contraction in development activity [8]