“银十”70城楼市量稳价弱：新房房价环比下降，上海等6城上涨

Core Viewpoint - In October, housing prices in major cities across China showed a downward trend both month-on-month and year-on-year, with only a few cities experiencing price increases [1][2]. New Housing Market - In October, new residential prices in first-tier cities decreased by 0.3% month-on-month, with Shanghai seeing a 0.3% increase, while Beijing, Guangzhou, and Shenzhen experienced declines of 0.1%, 0.8%, and 0.7% respectively [1][2]. - Six cities reported month-on-month price increases, with Shanghai leading at 0.3% [2]. - Year-on-year, first-tier cities saw a 0.8% decrease in new housing prices, with Shanghai increasing by 5.7% [1][2]. Second-hand Housing Market - In first-tier cities, second-hand housing prices decreased by 0.9% month-on-month, with the decline narrowing by 0.1 percentage points compared to the previous month [4][5]. - Year-on-year, first-tier cities experienced a 4.4% decrease in second-hand housing prices, with the decline expanding by 1.2 percentage points [4][5]. Market Dynamics - The second-hand housing market is showing signs of differentiation, with first-tier cities stabilizing while second-tier cities see a slight decrease in price declines [5][6]. - The increase in second-hand housing listings indicates a continued supply pressure, with a 1.4% rise in listings across 14 key cities [5][6]. - The overall market is characterized by "stable volume and weak prices," with expectations for a year-end increase in transaction volume despite price pressures [6]. Future Outlook - The new housing market is expected to maintain a trend of increased transactions in November and December, with a potential year-end surge in activity [6]. - The second-hand housing market may continue to face downward pressure on prices, but signs of stabilization are emerging as the willingness of sellers to significantly reduce prices decreases [6].