今年前11个月，全国新建商品住宅销售7.5万亿元

Core Insights - The Chinese real estate market has seen a significant decline, with new residential property sales dropping to 96,750 billion yuan in 2024, marking the end of the "10 trillion market" era [1] - In the first eleven months of 2025, new residential property sales amounted to 75,130 billion yuan, a year-on-year decrease of 11.1% [2] - Predictions indicate that new residential property sales may further decline to around 80,000 billion yuan in 2025, down from 90,000 billion yuan in the previous year [1] Group 1: Sales and Construction Data - In the first eleven months of 2025, the total sales area of new residential properties was 78,702 million square meters, a decrease of 7.8% year-on-year [2] - The sales amount for residential properties during the same period was 66,008 billion yuan, reflecting an 11.2% decline [2] - The area of new residential construction started was 39,189 million square meters, down 19.9% year-on-year [1] Group 2: Investment and Funding - Real estate development investment reached 78,591 billion yuan in the first eleven months of 2025, a decline of 15.9% [1] - The total funding for real estate development was 85,145 billion yuan, which is an 11.9% decrease compared to the previous year [2] - Personal mortgage loans amounted to 11,786 billion yuan, showing a decline of 15.1% [2] Group 3: Inventory and Market Dynamics - As of the end of November, the total inventory of unsold properties was 75,306 million square meters, a reduction of 301 million square meters from the end of October [2] - The inventory of residential properties decreased by 284 million square meters, indicating a potential improvement in supply-demand dynamics [2] - Analyst Li Yujia noted that the reduction in unsold inventory is a positive sign, suggesting a stabilization path for the market [2][3]