楼市新信号！11月新房价格环比上涨城市增多，二、三线城市降幅收窄

Core Viewpoint - The new housing price index shows a positive trend in November, with an increase in the number of cities experiencing price rises, which is expected to improve market expectations further [2][5][7]. Summary by Sections New Housing Prices - In November, the number of cities with rising new housing prices increased among 70 major cities, while the decline in second and third-tier cities narrowed [1][3]. - First-tier cities saw a month-on-month decline of 0.4% in new housing prices, with Shanghai increasing by 0.1% and Beijing, Guangzhou, and Shenzhen decreasing by 0.5%, 0.5%, and 0.9% respectively [3]. - Second and third-tier cities experienced month-on-month declines of 0.3% and 0.4%, respectively, with a narrowing of the decline by 0.1 percentage points [3]. Second-hand Housing Prices - In November, first-tier cities' second-hand housing prices fell by 1.1%, with Beijing, Shanghai, Guangzhou, and Shenzhen decreasing by 1.3%, 0.8%, 1.2%, and 1.0% respectively [3][4]. - Second-tier cities' second-hand housing prices remained unchanged with a decline of 0.6%, while third-tier cities saw a decline of 0.6% with a narrowing of the decline by 0.1 percentage points [3][4]. Year-on-Year Changes - Year-on-year, first-tier cities' new housing prices fell by 1.2%, with Shanghai increasing by 5.1% and other cities like Beijing, Guangzhou, and Shenzhen decreasing by 2.1%, 4.3%, and 3.7% respectively [3][4]. - Second and third-tier cities' new housing prices fell by 2.2% and 3.5%, with declines widening by 0.2 and 0.1 percentage points respectively [3][4]. Market Outlook - The increase in the number of cities with rising new housing prices indicates a more solid foundation for price stabilization and a clearer trend of recovery [6][7]. - Analysts suggest that the positive performance in November is attributed to the release of year-end housing demand and improved buyer expectations, particularly due to significant discounts on new homes [6][7]. - Looking ahead to 2026, there is an emphasis on stabilizing the real estate market, with policies aimed at controlling inventory and addressing the current high levels of new housing stock and second-hand listings [7].