11月上海、沈阳等8城新房价格上涨，商品房库存实现九连降

Core Viewpoint - The real estate market in November continues to show fluctuations, but the effectiveness of policies aimed at stabilizing the market is becoming evident, with some major cities experiencing increased transaction activity [2] Group 1: Market Performance - In November, the overall housing prices in 70 major cities continued to adjust, with new residential prices in first-tier cities decreasing by 0.4% month-on-month, while second and third-tier cities saw declines of 0.3% and 0.4% respectively [3] - The number of cities with rising new home prices increased to 8, including Shanghai, Shenyang, and Nanjing, indicating a positive signal for the market [3] - New home sales area from January to November reached 78,702 million square meters, down 7.8% year-on-year, with sales revenue at 75,130 billion yuan, a decline of 11.1% [4] Group 2: Inventory and Supply - The inventory of unsold residential properties has decreased for nine consecutive months, with a total of 75,306 million square meters remaining unsold at the end of November, down by 301 million square meters from October [5] - The supply of new homes in key cities is expected to increase, with a projected new supply of 669 million square meters in November, a 16% month-on-month increase [4] Group 3: Policy and Market Support - Various regions are intensifying support policies for home purchases, including subsidies and tax reductions, to boost market activity as the year-end purchasing window approaches [8] - The Central Economic Work Conference emphasized stabilizing the real estate market as a top priority for next year, focusing on controlling increments, reducing inventory, and improving supply [9] Group 4: Future Outlook - Analysts predict that the market will see a gradual recovery, with a focus on "de-inventory" policies and the resolution of existing policy bottlenecks [10] - The market is expected to show a trend of stability in both transaction volume and prices for second-hand homes, with core cities likely to see a release of rigid demand [10]