全国商品房待售面积连续9个月下降

Core Insights - The overall trend in November shows a decline in new residential property prices across 70 major cities, with a widening year-on-year drop, indicating a structural differentiation in the market [1][2] - The second-hand housing market continues to exhibit a price-for-volume exchange, while core cities show stable demand for improved housing [1][4] Price Trends - In November, first-tier cities saw a 0.4% month-on-month decline in new residential property prices, with Shanghai experiencing a slight increase of 0.1%, while Beijing, Guangzhou, and Shenzhen saw declines of 0.5%, 0.5%, and 0.9% respectively [1] - The price index for new residential properties in second and third-tier cities showed a smaller decline, with decreases of 0.3% and 0.4% respectively, both narrowing by 0.1 percentage points [1] City-Specific Performance - Eight cities reported positive month-on-month price growth for new homes, including Hefei, Xiangyang, Nanjing, Guiyang, Shenyang, Shanghai, Chongqing, and Yangzhou, with Shanghai leading at a 5.1% year-on-year increase [1][2] - The number of cities with declining new home prices decreased from 64 to 59, indicating a potential stabilization in the market [1] Second-Hand Housing Market - The second-hand housing market in first-tier cities saw a 1.1% month-on-month price decline, with Beijing, Shanghai, Guangzhou, and Shenzhen experiencing drops of 1.3%, 0.8%, 1.2%, and 1.0% respectively [2][3] - The average listing price for second-hand homes across 100 cities fell by 8.59% year-on-year, while the listing volume increased by 7.8%, particularly in new first-tier cities [3] Market Dynamics - The real estate sector is undergoing a deep adjustment, with significant declines in various indicators, including a 15.9% year-on-year drop in real estate development investment and a 20.5% decrease in new construction area from January to November [4] - The inventory of unsold properties has been decreasing for nine consecutive months, with a total of 75,306 million square meters of unsold properties reported by the end of November [5] Future Outlook - A survey indicated that 34.61% of respondents plan to buy a home by 2026, an increase of 11.63 percentage points from mid-year, suggesting a reduction in market hesitation [5] - The market is expected to stabilize with policy support, particularly in core cities, leading to a potential balance in second-hand housing prices and improved conditions for new homes [5]