行业数据｜一二手房价同比降幅收窄，止跌回稳还需继续努力

Core Viewpoint - The article discusses the overall stability and gradual improvement of China's economy and real estate market, highlighting the impact of macroeconomic policies and seasonal factors on market performance [2][4][6]. Economic Performance - In August 2025, China's industrial production grew by 5.2% year-on-year, with equipment manufacturing and high-tech manufacturing sectors showing strong growth rates of 8.1% and 9.3% respectively [4]. - The total retail sales of consumer goods reached 39,668 billion yuan, marking a year-on-year increase of 3.4% [4]. - Fixed asset investment grew by 4.2% year-on-year, with manufacturing investment increasing by 5.1% [4]. - The total value of goods imports and exports was 38,744 billion yuan, up 3.5% year-on-year, with exports growing by 4.8% and imports by 1.7% [4]. - The urban unemployment rate averaged 5.2% from January to August, with a slight increase to 5.3% in August [4]. Real Estate Market Trends - In August 2025, new housing sales continued to show seasonal low levels, with a total sales area of 57.44 million square meters, down 10.6% year-on-year [6][7]. - The inventory of unsold residential properties decreased for six consecutive months, indicating reduced pressure on the industry [6][7]. - The average new home price in first-tier cities fell by 0.9% year-on-year, while second and third-tier cities saw declines of 2.4% and 3.7% respectively, with the rate of decline narrowing [11][12]. - Various local governments introduced 24 policies to optimize housing funds and 13 policies for subsidies and tax benefits in August [12]. Policy and Market Support - The State Council emphasized the need for coordinated policies to enhance domestic demand and improve the investment environment [6]. - The government plans to accelerate urban renewal and support high-quality land supply to stabilize the real estate market [8][20]. - The real estate development investment in the first eight months of 2025 was 60,309 billion yuan, down 12.9% year-on-year, with a notable decline in land transaction volumes [24][26]. Future Outlook - The article suggests that the real estate market may see a gradual improvement due to the ongoing implementation of supportive policies and the introduction of high-quality land [26][27]. - The inventory pressure in the real estate sector is expected to continue to improve, aided by the promotion of high-quality urban development and better land utilization [27].