积极信号！一线城市房价环比降幅收窄，上海新房价格同环比涨幅居前

Core Viewpoint - The real estate market in first-tier cities shows signs of marginal stabilization, with a narrowing decline in housing prices, indicating a positive market signal for 2026 [2][5]. Group 1: Housing Price Trends - In December 2025, new home prices in first-tier cities decreased by 0.3% month-on-month, a reduction of 0.1 percentage points compared to the previous month. Shanghai was the only city to see a month-on-month increase of 0.2%, while Beijing, Guangzhou, and Shenzhen experienced declines of 0.4%, 0.6%, and 0.5% respectively [3]. - The year-on-year comparison for new home prices in first-tier cities showed a decline of 1.7%, with Shanghai increasing by 4.8%, while Beijing, Guangzhou, and Shenzhen saw declines of 2.4%, 4.8%, and 4.4% respectively [3]. - For second-hand homes, first-tier cities experienced a month-on-month decline of 0.9%, narrowing by 0.2 percentage points from the previous month. The declines in Beijing, Shanghai, Guangzhou, and Shenzhen were 1.3%, 0.6%, 1.0%, and 0.6% respectively [4]. Group 2: Market Analysis and Future Outlook - Analysts suggest that the narrowing decline in housing prices in December 2025 is a positive signal, indicating a release of pent-up demand and increased transaction activity in the new home market [5][6]. - The real estate market's performance is closely linked to policy changes, with multiple measures introduced to stabilize the market, including adjustments to housing tax policies and encouragement for the acquisition of existing homes for affordable housing [5][6]. - Looking ahead to 2026, the market is expected to continue its differentiated trend, with first-tier and key second-tier cities likely to see stabilization in housing prices due to population inflow and resource advantages, while third and fourth-tier cities may continue to face challenges [6].