中指研究院：2025年12月百城二手住宅均价同比下跌8.36%

Core Insights - The report from the China Index Academy indicates that the average price of second-hand residential properties in 100 key cities dropped to 13,016 yuan per square meter in December 2025, reflecting a month-on-month decline of 0.97% and a year-on-year decrease of 8.36% [1][5][8] - In contrast, the average price of new residential properties in December 2025 was 17,084 yuan per square meter, showing a month-on-month increase of 0.28% and a year-on-year increase of 2.58% [1][5] - The rental market experienced a downturn, with the average rent in 50 cities falling to 34.16 yuan per square meter per month, down 0.60% month-on-month and 3.62% year-on-year [1] Second-hand Housing Market Performance - In December 2025, the total number of second-hand housing transactions in major cities showed varied performance, with cities like Nanchang and Shenyang experiencing significant year-on-year increases of 24.3% and 13.6%, respectively [2][3] - Conversely, cities such as Shenzhen and Beijing saw declines in transaction volumes, with year-on-year decreases of 2.6% and 3.3%, respectively [3][8] - The overall trend indicates that while some cities are recovering, many are still facing challenges in the second-hand housing market [5][9] New Housing Market Trends - The new housing market saw structural price increases in December 2025, driven by the introduction of high-end improvement projects in cities like Shenzhen, Beijing, and Shanghai [1][5] - The average price of new homes rose by 0.28% month-on-month, contrasting with the decline in second-hand housing prices [1][5] Rental Market Analysis - The rental market remains subdued, with average rents declining in December 2025, reflecting low demand during the traditional off-peak season [1][5] - The rental price drop of 0.60% month-on-month and 3.62% year-on-year indicates ongoing pressure in the rental sector [1][5] Price Index Overview - The cumulative decline in second-hand residential prices across 100 cities in 2025 was 8.36%, with the decline in second-tier cities being the most pronounced at 9.08% [5][8] - The report highlights that first-tier cities experienced a smaller decline of 6.72%, indicating a relative resilience compared to lower-tier cities [5]