中指研究院：11月百城二手住宅均价环比下跌0.94%

Core Insights - The average price of second-hand residential properties in 100 cities in November 2025 is 13,143 yuan per square meter, showing a month-on-month decline of 0.94% and a year-on-year decline of 7.95% [1][3] - The average price of newly built residential properties in 100 cities is 17,036 yuan per square meter, with a month-on-month increase of 0.37% and a year-on-year increase of 2.68% [1] - The rental market shows a decline, with the average rent in 50 cities at 34.36 yuan per square meter per month, down 0.60% month-on-month and 3.57% year-on-year [1] Second-hand Residential Market - In November, second-hand residential prices in first, second, and third/fourth-tier cities decreased by 1.15%, 0.98%, and 0.81% month-on-month, respectively, with year-on-year declines of 5.62%, 8.24%, and 7.47% [1] - The top ten cities saw a month-on-month decline in second-hand residential prices, with Nanjing and Wuhan experiencing the largest declines of 1.83% and 1.58%, respectively [3] - Year-on-year, Wuhan and Nanjing had the largest declines at 11.65% and 11.35%, while Chengdu had the smallest decline at 1.89% [3] New Residential Market - The new residential market remains stable with low supply levels, particularly in core cities like Shanghai, Chengdu, and Hangzhou, which have seen high-end improvement projects entering the market [1] - The structural increase in new residential prices is driven by these high-end projects, contributing to the overall price increase in core cities [1] Rental Market - The rental market is entering a traditional off-season, with average rents declining across major cities [1] - The rental price trends indicate a broader market slowdown, reflecting the overall economic conditions affecting housing demand [1]