前9月中国房地产市场多项指标同比下降速度趋缓

Core Insights - The decline in various real estate indicators in China, such as new construction area and average price of new residential properties, is slowing down as of the first three quarters of 2025 [1][2] Group 1: New Construction and Completion - The new construction area for residential buildings reached 45,399 million square meters from January to September, representing an 18.9% year-on-year decline, which is a 0.6 percentage point improvement compared to the decline from January to August [1] - The completion area of residential buildings was 31,129 million square meters during the same period, showing a 15.3% year-on-year decline, which is a 1.7 percentage point improvement from the previous months [1] - The stabilization in new construction and completion areas is expected to help stabilize the industry size and support a more stable real estate development investment in the future [1] Group 2: Average Price of New Residential Properties - The average sales price of new residential properties saw a reduced decline, with a year-on-year drop of 1.9% from January to September, down from a 2.3% decline in the previous months [2] - The demand for high-quality properties is expanding, moving from improvement-type projects to essential housing projects, which is contributing to price stability [2] - The expectation of policy implementation in the fourth quarter, including potential interest rate cuts and increased efforts in urban village renovations, is seen as crucial for stabilizing the housing market [2]