9月二手房价格：70个城市全部下跌！

Core Viewpoint - The real estate market in China is experiencing a significant downturn, with a comprehensive decline in second-hand housing prices across 70 major cities for the first time since the housing reform in 1998, indicating a critical shift in the market dynamics [1] Group 1: Price Trends - In September, second-hand housing prices in 70 cities fell by 0.83% month-on-month and 5.2% year-on-year, with Beijing and Shanghai experiencing declines of 6.1% and 5.8% respectively [1] - Certain second-tier cities, such as Zhengzhou and Harbin, saw year-on-year price drops exceeding 8% [1] Group 2: Sales and Construction Activity - The sales area of commercial housing decreased by 18.7% year-on-year in the first three quarters, while new construction area dropped by 25.3% [1] - Real estate developers have seen investment growth rates decline for 12 consecutive months [1] Group 3: Policy Responses - The "recognizing house but not loan" policy introduced in early September aims to stimulate demand by lowering down payment ratios, potentially releasing around 1.2 trillion yuan in purchasing power [1] - The People's Bank of China provided 300 billion yuan in funds to policy banks to stabilize the industry chain through investment multiplier effects [1] - Over 200 regulatory measures have been implemented across various regions since the beginning of 2025, including the removal of purchase restrictions in 39 cities and tax incentives in 22 cities [1] Group 4: Regional Disparities - There is a notable regional disparity in the real estate market, with core cities in the Yangtze River Delta and Pearl River Delta showing stronger price resilience, while resource-based and third- and fourth-tier cities are facing significant challenges [3] Group 5: Impact on Related Industries - The ongoing decline in the real estate market has adversely affected related industries, with the construction materials sector's value added decreasing by 7.2% and home appliance retail sales dropping by 12.5% from January to September [5] - Local government revenue from land sales has decreased by 18.3% due to falling land transfer income [5] Group 6: Market Transformation - Experts believe the real estate market is transitioning from a "high leverage, high turnover" model to a "refined, service-oriented" approach, with projections indicating that property management and related services could form a trillion-yuan market by 2026 [7] - The adjustment in the real estate market is seen as both a cyclical necessity and a required phase for transforming development models [7] Group 7: Policy Direction - The government is gradually returning to the essence of housing as a livelihood issue, emphasizing the need for stable policies and supply-side structural reforms to foster new growth points [9]