11月楼市分化加剧：百城新房均价微涨，二手房价持续盘整

Core Viewpoint - The real estate market in November showed a mixed performance, with new home prices experiencing a slight structural increase while second-hand home prices continued to decline, indicating a divergence in market trends [4][8]. New Home Market - The average price of new residential properties in 100 cities reached 17,036 yuan per square meter in November, reflecting a month-on-month increase of 0.37% and a year-on-year increase of 2.68% [5][6]. - In November, 31 cities saw new home prices rise month-on-month, while 64 cities experienced declines. Notable cities with significant increases included Shanghai (1.39%), Chengdu (1.34%), and Hangzhou (1.27%) [5][6]. - The overall supply of new homes remained low, with high-end improvement projects in cities like Shanghai and Chengdu contributing to the price increase [5][6]. Second-Hand Home Market - The average price of second-hand residential properties in 100 cities was 13,143 yuan per square meter in November, marking a month-on-month decline of 0.94% and a year-on-year decrease of 7.95% [9]. - In November, 25 cities, including Nanjing and Kunshan, saw second-hand home prices drop by over 1%, with Nanjing experiencing the largest decline of 1.83% [9]. - The second-hand market continues to face downward pressure due to high listing volumes and weak expectations, leading to a 43-month consecutive decline in prices [9][10]. Transaction Trends - In key cities like Shanghai and Shenzhen, new home and second-hand home transactions increased month-on-month in November, although year-on-year comparisons showed declines due to high base effects from the previous year [11][12]. - Shanghai's new home transactions reached 970,000 square meters in November, up 31% month-on-month but down 21% year-on-year. Second-hand home transactions also rose 24% month-on-month but fell 15% year-on-year [12]. - Beijing's new home market saw a significant month-on-month decline of 32%, while second-hand home transactions remained stable, indicating a divergence in market performance [13][14]. Market Outlook - As the year-end approaches, real estate companies are expected to ramp up efforts to boost sales, potentially leading to an increase in new home transactions. However, the overall market still faces pressure, particularly in the second-hand segment [14]. - The industry anticipates that urban renewal initiatives will become a key driver for high-quality urban development, with related policies expected to accelerate implementation [14].