10月百城新建住宅均价同环比上涨

Core Insights - In October, multiple real estate companies launched quality improvement projects during the National Day and Mid-Autumn Festival holidays, leading to a structural increase in new residential prices across 100 cities, with an average price of 16,973 yuan per square meter, a month-on-month increase of 0.28% and a year-on-year increase of 2.67% [1] - Core cities such as Shanghai, Chengdu, and Nanjing showed increased enthusiasm for new launches, with first and second-tier cities experiencing price increases, while third and fourth-tier cities focused on inventory digestion, resulting in price declines [1] - The average price of second-hand residential properties in October was 13,268 yuan per square meter, reflecting a month-on-month decline of 0.84% and a year-on-year decline of 7.60%, indicating significant downward pressure on second-hand prices due to high listing volumes and weak expectations [1] Policy Developments - In October, various local governments implemented policies to optimize the construction of "good houses," with cities like Chengdu and Shenzhen issuing guidelines on building design and project approvals [2] - Several cities, including Hefei, Nanjing, and Chengdu, improved housing fund loan policies by increasing loan limits and optimizing conversion policies for flexible employment [2] - The issuance of over 22.5 billion yuan in special bonds by provinces such as Shandong, Hebei, and Chongqing aimed at recovering idle land, indicating a proactive approach to land management [2] Market Outlook - The short-term outlook suggests that as year-end performance targets approach, an increase in new supply in core cities is expected to support new home sales, while second-hand transaction volumes may also remain stable, although prices may continue to face pressure [2] - The fourth quarter is anticipated to show a high base effect, with significant year-on-year declines in new and second-hand home sales in key cities, leading to expectations of low growth rates in year-end sales volumes [2]