中经评论：全面客观看待房地产市场变化

Core Insights - The real estate market is transitioning towards a phase that balances both incremental and stock developments, with ongoing policy effectiveness in stabilizing the market [1][2][3] Group 1: Market Trends - The real estate market is experiencing increasing differentiation, with active transactions in several major and medium-sized cities. From January to November this year, cities like Xiamen, Guiyang, Wuhan, and Shenzhen saw year-on-year growth in total transactions of new and second-hand homes [1] - The proportion of second-hand home transactions has been gradually increasing, indicating that the decline in new home transaction volume does not equate to a stagnant real estate market. Both new and second-hand homes have their unique attractions [1] - The decline in housing prices is narrowing. In October, the price drop for new and second-hand residential properties in 70 major and medium-sized cities decreased by 3.6 and 3.5 percentage points, respectively, compared to the same period in 2024 [1] Group 2: Investment and Financing - The decline in development investment should be viewed rationally, as the real estate market has entered a phase of basic supply-demand balance. The reduction in new residential supply is a positive response to strict control measures and a result of market self-adjustment [2] - The "white list" system for real estate financing continues to play a positive role, providing funding support for eligible projects and becoming a normalized management system in the real estate development framework [2] - Progress in debt resolution among real estate companies is notable, with a decrease in the number of new distressed firms and significant advancements in debt restructuring through various methods, indicating a gradual clearing of industry risks [2] Group 3: Future Outlook - The real estate industry is committed to pursuing an intrinsic, high-quality development path, with ample new opportunities and value in the process of transformation and upgrading [3]