房价，刹得住吗？

Core Viewpoint - The overall trend of housing prices in major cities is still declining, continuing from the previous year, with expectations for 2026 being low due to the disappointing performance in 2025 [2][5]. New Housing Market - In December 2025, among 70 major cities, 12 cities saw new residential prices either increase or remain stable, an increase of one city from the previous month, but the main trend remains downward [5]. - The city with the highest increase was Shanghai, which saw a mere 0.2% rise, while Beijing, Shenzhen, and Guangzhou experienced declines of 0.4%, 0.5%, and 0.6% respectively [5]. - Year-on-year, 10 cities reported stable or increasing new housing prices, an increase of five cities from the previous month, with Shanghai again leading with a 4.8% increase [5]. Second-hand Housing Market - The second-hand housing prices continued to decline, with significant drops in major cities: Beijing down 1.3%, Shenzhen down 0.6%, Guangzhou down 0.6%, and Shanghai down 1% month-on-month [6][7]. - Year-on-year declines for second-hand housing prices were also noted, with Beijing down 8.5%, Shenzhen down 6.1%, Guangzhou down 5.4%, and Shanghai down 7.8% [6][7]. Market Sentiment - The current market sentiment is low, with a need for strong and sustained measures to stabilize the housing market [7].