11月70城二手房价普降，上海、合肥、沈阳新房价格飘红，市场筑底进行时

Core Viewpoint - The real estate market in China is experiencing a continued decline in housing prices, with significant drops in both new and second-hand residential properties across major cities, indicating a challenging environment for developers and investors [3][5][9]. Group 1: Housing Price Trends - In November, new residential property prices in first-tier cities fell by 0.4% month-on-month, with declines in Beijing, Guangzhou, and Shenzhen of 0.5%, 0.5%, and 0.9% respectively [5]. - Second-hand residential prices in first-tier cities decreased by 1.1% month-on-month, with Beijing seeing a drop of 1.3% [5][6]. - Year-on-year, new residential prices in first-tier cities dropped by 1.2%, with Beijing, Guangzhou, and Shenzhen experiencing declines of 2.1%, 4.3%, and 3.7% respectively [7]. Group 2: Investment and Development Data - From January to November, real estate development investment totaled 78,591 billion yuan, a year-on-year decrease of 15.9%, with residential investment down by 15.0% [9]. - The area under construction for real estate projects fell by 9.6%, while new construction area decreased by 20.5% [9]. - The sales area of new residential properties from January to November was 78,702 million square meters, down 7.8% year-on-year, with sales revenue declining by 11.1% [9][10]. Group 3: Market Dynamics and Future Outlook - The increase in second-hand housing listings has led to a trend of "price for volume," indicating a growing supply and increasing difficulty in property sales [8]. - The real estate development climate index has dropped to 91.90, reflecting ongoing challenges in the market [10]. - Experts suggest that while core cities may see some stabilization in prices due to resilient demand, the overall market remains in a phase of bottoming out and consolidation [10].