政策成效继续显现，商品房库存连续八个月减少

Core Insights - The real estate market in China is experiencing fluctuations, but the effectiveness of policies is still evident, with a narrowing decline in sales year-on-year [2] - As of October, the sales area and sales revenue of new commercial housing from January to October decreased by 6.8% and 9.6% respectively, but the decline has narrowed compared to the same period last year [2][5] - The inventory of commercial housing has been decreasing for eight consecutive months, with a reduction of 3.22 million square meters in October alone [2][6] Market Trends - In October, new home prices in first-tier, second-tier, and third-tier cities fell by 0.3%, 0.4%, and 0.5% respectively, while six cities, including Shanghai and Hangzhou, saw price increases [3] - The second-hand housing market is undergoing a price correction, with first-tier and second-tier cities experiencing a decline of 0.9% and 0.6% respectively, although the decline has narrowed compared to the previous month [3][4] - The overall trend indicates that first-tier cities are stabilizing, while second-tier cities show internal differentiation, and third-tier cities remain under pressure [4] Inventory and Investment - The total area of unsold commercial housing stood at 75.606 million square meters at the end of October, marking a continuous decrease since the beginning of the year [6] - Real estate development investment from January to October reached 735.63 billion yuan, down 14.7% year-on-year, with the decline rate increasing compared to previous values [6] - Funding for real estate companies has seen a reduction of 9.7% year-on-year, but the decline has narrowed compared to previous periods, indicating some stabilization in funding sources [7] Policy and Future Outlook - The government is actively implementing supportive policies to stimulate housing demand and stabilize the real estate market [7] - The next phase will focus on constructing a new development model for real estate, emphasizing both short-term and long-term strategies for high-quality market development [7]