国家统计局：11月份一线城市新房销售价格环比下降0.4%

Core Insights - The real estate market in China is experiencing a decline in new residential property prices, particularly in first-tier cities, with a month-on-month decrease of 0.4% in November, which is an expansion of the decline by 0.1 percentage points from the previous month [1] - Second-hand housing prices are showing more volatility, with first-tier cities experiencing a month-on-month decrease of 1.1%, which is an increase in the decline by 0.2 percentage points compared to the previous month [1] - The overall trend indicates a significant year-on-year decline in both new and second-hand housing prices, with cities like Baotou, Kunming, and Xian showing the most notable decreases [1] New Housing Market - In November, the new housing prices in first-tier cities continued to decline, with specific cities like Beijing, Shanghai, Guangzhou, and Shenzhen showing decreases of 1.3%, 0.8%, 1.2%, and 1.0% respectively [1] - The average price of new homes in Shanghai for larger units (over 144 square meters) has increased by 6.7% year-on-year, indicating a stable demand for improved housing [6] - The overall new housing market is characterized by a structural shift towards improvement demand, with a notable increase in interest for larger units [6] Second-Hand Housing Market - The average listing price for second-hand homes across 100 cities has decreased by 8.59% year-on-year, confirming the downward trend in prices [6] - The increase in the number of listings, which reached 2.678 million units, represents a 7.8% year-on-year increase, particularly in new first-tier cities where the growth rate was 10.13% [6] - The average time for second-hand homes to be listed has increased to 94.72 days, indicating higher pressure on prices due to increased supply and difficulty in sales [6] Market Outlook - Analysts suggest that the real estate market in China is currently undervalued, with expectations of a recovery in new housing starts to stabilize around 8.5 billion square meters in the long term [7] - A recent survey indicates that 34.61% of respondents plan to buy a home in 2026, reflecting a decrease in market hesitation and a potential increase in demand [8] - The market is expected to stabilize with a focus on quality development, including age-friendly and green smart housing, aligning with demographic trends [8]