新房价格比较稳，二手房价格比较冷

Core Insights - The National Bureau of Statistics reported that in November, the number of cities with rising new home prices increased to 8, indicating a positive trend in the real estate market [2][3] - Shanghai, Hangzhou, and Hefei led the year-on-year price increases, with Shanghai seeing a 5.1% rise, while first-tier cities experienced a mixed performance with a 0.4% decline in new home prices [2][3] Price Trends - In November, first-tier cities saw a month-on-month decline in new home prices, with Shanghai increasing by 0.1% while Beijing, Guangzhou, and Shenzhen decreased by 0.5%, 0.5%, and 0.9% respectively [2] - Year-on-year, Shanghai's new home prices rose by 5.1%, while Beijing, Guangzhou, and Shenzhen saw declines of 2.1%, 4.3%, and 3.7% respectively [3] Market Analysis - The increase in the number of cities with rising home prices is viewed as a strong signal of market stabilization and recovery, with a solid foundation for price stabilization [5] - The analysis from Shanghai E-House Real Estate Research Institute indicates that the demand for housing is actively being released, supported by favorable policies [2][5] Second-hand Housing Market - In November, second-hand home prices in first-tier cities continued to decline, with Beijing, Shanghai, Guangzhou, and Shenzhen experiencing month-on-month decreases of 1.3%, 0.8%, 1.2%, and 1.0% respectively [6] - Year-on-year, first-tier cities saw an average decline of 5.8% in second-hand home prices, with specific declines in Beijing, Shanghai, Guangzhou, and Shenzhen of 6.8%, 4.6%, 7.2%, and 4.8% respectively [6][7] Supply and Demand Dynamics - The increase in new home supply in first-tier cities, particularly high-quality new developments, has led to competitive pricing pressures, contributing to the decline in second-hand home prices [6] - The rising proportion of transactions involving second-hand homes priced at 3 million yuan or below has impacted the demand for upgrading to new homes [6][7]