统计局70城房价数据点评：11月一线城市二手房环比继续上涨，二三线城市房价环比降幅收窄

Investment Rating - The report maintains a "Positive" investment rating for the real estate industry, indicating an expectation of performance that exceeds the market benchmark by more than 5% in the next 6 months [5][52]. Core Insights - In November 2024, the sales prices of new and second-hand homes in major cities showed a narrowing decline, with first-tier cities experiencing a halt in the decline of new home prices and a continued increase in second-hand home prices [2][4]. - The report highlights that the central government is showing a consistent willingness to stabilize and promote the recovery of the real estate market, suggesting that future policies will be more proactive and sustained [5]. Summary by Sections Price Trends - In November, the new residential sales price index for 70 major cities recorded a month-on-month decline of -0.2%, an improvement from -0.5% in the previous month [2]. - The first-tier cities' new residential sales price index remained unchanged at 0.0%, with specific cities like Beijing and Shanghai showing month-on-month changes of -0.5% and 0.6%, respectively [2]. - The second-hand residential price index for 70 major cities saw a month-on-month decline of -0.3%, improving from -0.5% previously [3]. Year-on-Year Changes - The year-on-year decline in the new residential sales price index for 70 major cities was -6.1%, slightly better than the previous -6.2% [4]. - First-tier cities experienced a year-on-year decline of -4.3%, with notable variations among cities such as Beijing at -5.3% and Shanghai at 5.0% [4]. - The year-on-year decline for the second-hand residential price index across 70 major cities was -8.5%, an improvement from -8.9% [4]. Investment Recommendations - The report suggests that investors should continue to pay attention to opportunities within the real estate sector, as both supply and demand are expected to receive more positive and sustained policy support [5].