2025年12月70城二手房价格均下跌，但一线城市跌幅环比收窄

Core Insights - The national real estate market in China is undergoing a deep adjustment, with a focus on institutional reforms and revitalizing idle properties to mitigate risks and boost consumption in 2026 [1][6] Sales Performance - In 2025, the total sales area of new residential properties reached 88.101 million square meters, a decrease of 8.7% from the previous year, with residential sales area down by 9.2% [1] - The sales revenue for new residential properties was 839.37 billion yuan, reflecting a decline of 12.6%, with residential sales revenue down by 13.0% [1][2] - The sales area and revenue for new residential properties in 2024 were 97.385 million square meters and 967.5 billion yuan, respectively, marking a year-on-year decline of 12.9% and 17.1% [2] Market Dynamics - The decline in sales area and revenue is attributed to strict control over new supply, accelerated inventory reduction, and improved quality of new residential properties, indicating a shift towards a new balance in supply and demand [2] - As of the end of 2025, the inventory of unsold properties stood at 76.632 million square meters, an increase of 1.6% from the previous year, with residential inventory rising by 2.8% [6] Price Trends - New home prices in 70 major cities continued to decline, with a notable drop in December 2025, while the number of cities with stable prices is increasing, suggesting a phase of deep negotiation between supply and demand [3][4] - In December 2025, the average price of second-hand homes in first-tier cities fell by 0.9%, but the decline was less than in previous months, indicating a potential stabilization in the market [4][5] Future Outlook - The real estate market is expected to continue facing inventory pressure, with a significant number of cities still experiencing high inventory levels, necessitating time for market clearing [6] - The trend of demand shifting from new homes to second-hand homes and rentals is becoming more pronounced, with policies aimed at controlling new supply and reducing inventory expected to stabilize prices and market expectations in 2026 [6][7]