楼市企稳期待政策再加码，专家呼吁降低房贷利率、优化限购

Core Viewpoint - The real estate market is still undergoing adjustments, and a stabilization requires stronger policy support [1][2][4] Market Performance - In the first ten months, new residential property sales area reached 71,982 million square meters, down 6.8% year-on-year, while sales revenue was 69,017 billion yuan, a decrease of 9.6% [2] - The average price of new homes in first, second, and third-tier cities fell by 0.3%, 0.4%, and 0.5% respectively in October, with second-hand home prices dropping by 0.9%, 0.6%, and 0.7% [2] - Real estate development investment totaled 73,563 billion yuan, down 14.7% year-on-year, with the decline rate widening by 0.8 percentage points compared to previous data [2] Regional Variations - In Beijing, new residential property sales area was 8.159 million square meters, down 3.7% year-on-year, while new construction area fell by 9% [2] - In Shanghai, new residential property sales area was 13.044 million square meters, down 1.8% year-on-year, but real estate development investment increased by 1.2% [2] - In Henan, new residential property sales area and revenue fell by 2.0% and 1.9% respectively, with development investment down 8.3% [3] Market Trends - From November 1 to 24, second-hand home transactions in 20 key cities increased by 27% month-on-month, while new home transactions in 30 key cities decreased by 3% [1][3] - The second-hand market is outperforming the new home market due to factors such as better price-performance ratio, lower transaction costs, and established living conditions [3][4] Policy Recommendations - Experts suggest that more policies should be introduced to stimulate both supply and demand, including increasing bank loans to developers, optimizing purchase restrictions, and reducing mortgage rates [1][6] - There is a strong urgency for new real estate support policies before the end of the year to address the ongoing market downturn [5][6] Future Outlook - The market is expected to see a stable performance in core cities while experiencing mild inventory reduction in third and fourth-tier cities by the end of 2025 [7] - The real estate policy focus in 2026 is anticipated to remain on stabilizing the market and removing unreasonable restrictions on housing consumption [8]