9月70城房价同比降幅持续收窄

Group 1 - The core viewpoint indicates that in September 2025, the sales prices of commercial residential properties in 70 major and medium-sized cities in China showed a month-on-month decline, while the year-on-year decline continued to narrow, signaling a potential stabilization in the market [1][4]. - In September, new home prices in 63 cities fell compared to the previous month, and all 70 cities reported lower second-hand home prices both month-on-month and year-on-year [1][4]. - In Shandong province, cities like Jinan and Qingdao experienced a consistent decline in both new and second-hand home prices in September 2023, with Jinan's new home prices down 0.4% month-on-month and 2.4% year-on-year [2][3]. Group 2 - The narrowing year-on-year decline in housing prices is seen as a positive signal, indicating that previous policy effects are beginning to take hold, alleviating long-term downward pressure on the market [4][5]. - Core cities such as Beijing and Shanghai showed resilience, with new home prices increasing by 0.2% and 0.3% month-on-month, respectively, and Shanghai achieving a significant year-on-year growth of 5.6% [4][5]. - Looking ahead to the fourth quarter, it is anticipated that continued policy easing will support transaction volumes in core cities, while non-core areas and many small cities will need to adopt "price for volume" strategies to reduce inventory [5].