12月一线城市房价环比降幅收窄，二手房同比仍下降7%

Group 1 - The core viewpoint of the article indicates that the housing market in first-tier cities is showing signs of stabilization, with Shanghai being the only city experiencing a month-on-month price increase in December 2025 [1] - In December, six cities reported a month-on-month increase in new home prices, with Shanghai and Changchun leading at 0.2% [1] - First-tier cities saw a narrowing decline in both new and second-hand housing prices, with new homes decreasing by 0.3% and second-hand homes by 0.9%, indicating a potential positive shift in the market [1] Group 2 - In contrast, second-tier and third-tier cities continue to face pressure, with new home prices declining by 0.4% month-on-month [2] - Second-hand home prices in second-tier and third-tier cities fell by 0.7%, with the decline expanding by 0.1 percentage points [3] - Year-on-year, first-tier cities experienced a 7% drop in second-hand home prices, with Beijing seeing the largest decline at 8.5% [3][4] Group 3 - In 2025, national real estate development investment reached 8.2788 trillion yuan, a decrease of 17.2% from the previous year, with residential investment down by 16.3% [5] - The total sales area of new commercial housing was 8.8101 trillion square meters, down 8.7%, while residential sales area fell by 9.2% [5] - The inventory of unsold commercial housing increased to 7.6632 trillion square meters, up 1.6% year-on-year, indicating a growing supply in the market [5] Group 4 - The data from December suggests a strengthening signal in the first-tier market, particularly in Shanghai, which is the only city to achieve both year-on-year and month-on-month price increases [5] - The trend of "price for volume" in the second-hand housing market continues, reflecting landlords' ongoing adjustments to pricing [5] - Recent policy measures, including lower loan rates and tax incentives, have reduced the threshold for home purchases, leading to increased buyer engagement and a shift from passive browsing to active inquiries [6]