Core Viewpoint - In December 2025, the sales prices of commercial residential properties in 70 large and medium-sized cities in China experienced a month-on-month decline and an expanded year-on-year decrease, indicating a continued downward trend in the real estate market [1][2]. Group 1: Price Changes in New Residential Properties - In December, the sales prices of new commercial residential properties in first-tier cities decreased by 0.3% month-on-month, with the decline narrowing by 0.1 percentage points compared to the previous month [3]. - Year-on-year, the sales prices in first-tier cities fell by 1.7%, with the decline expanding by 0.5 percentage points from the previous month [4]. - Second-tier cities saw a month-on-month price drop of 0.4%, with the decline expanding by 0.1 percentage points, while third-tier cities also experienced a 0.4% month-on-month decrease, remaining unchanged from the previous month [3]. Group 2: Price Changes in Second-Hand Residential Properties - In December, the sales prices of second-hand residential properties in first-tier cities decreased by 0.9% month-on-month, with the decline narrowing by 0.2 percentage points compared to the previous month [3]. - Year-on-year, the prices in first-tier cities dropped by 7.0%, with the decline expanding by 1.2 percentage points from the previous month [4]. - Second-hand residential prices in second and third-tier cities both fell by 6.0% year-on-year, with declines expanding by 0.4 and 0.2 percentage points, respectively [4]. Group 3: Price Index Data - The price index for new commercial residential properties in Beijing was reported at 99.6 (month-on-month) and 97.6 (year-on-year) for December 2025, indicating a decrease compared to the previous month and the same month last year [5]. - The price index for second-hand residential properties in Beijing was 98.3 (month-on-month) and 90.0 (year-on-year), reflecting a similar downward trend [11].

Core Viewpoint - The data from the National Bureau of Statistics indicates a decline in residential property sales prices across 70 major cities in December 2025, with a widening year-on-year decrease. Group 1: New Residential Property Prices - In December, first-tier cities saw a month-on-month decline of 0.3% in new residential property prices, with the decline narrowing by 0.1 percentage points compared to the previous month [1] - Shanghai experienced a price increase of 0.2%, while Beijing, Guangzhou, and Shenzhen saw declines of 0.4%, 0.6%, and 0.5% respectively [1] - Second-tier cities experienced a month-on-month decline of 0.4% in new residential property prices, with the decline widening by 0.1 percentage points [1] - Third-tier cities also saw a month-on-month decline of 0.4% in new residential property prices, with the decline remaining the same as the previous month [1] Group 2: Second-hand Residential Property Prices - In December, first-tier cities recorded a month-on-month decline of 0.9% in second-hand residential property prices, with the decline narrowing by 0.2 percentage points compared to the previous month [1] - The declines in second-hand residential property prices for Beijing, Shanghai, Guangzhou, and Shenzhen were 1.3%, 0.6%, 1.0%, and 0.6% respectively [1] - Second and third-tier cities both experienced a month-on-month decline of 0.7% in second-hand residential property prices, with the decline widening by 0.1 percentage points [1]

一二三线城市商品住宅销售价格同比降幅扩大。 风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 ...

大连 表 1：2025 年 1 1 月70个大中城市新建商品住宅销售价格指数 | 城市 | | | --- | --- | | 环比 | | | 同比 | | | 1-1 1月平均 | | | 城市 | | | 环比 | | | 同比 | | | 1-1 1月平均 | | | 上月=100 | | | 上年同月=100 | | | 上年同期=100 | | | 上月=100 | | | 上年同月=100 | | | 上年同期=100 | | | 北京 | | | | 99.5 | | | 97.9 96.0 | | 唐山 | | | | 99.4 | | | 94.3 | | | 93.2 | | 天津 | | | | 99.6 | | | 97.8 | | | 98.1 | | 秦 皇 岛 | | | | 99.6 | | | 95.5 | | | 94.0 | | 石 家 庄 | | | | 99.5 | | | 95.9 | | | 96.4 | | 包头 | | | | 99.4 | | | 93.9 | | 太原 | 93.9 | | | 99.3 | | | 99.3 | | | 100.8 | ...

Group 1 - The core viewpoint of the articles indicates that the housing market in China is experiencing a downward trend in both new and second-hand residential property prices, with a notable increase in the year-on-year decline in November 2025 [1][2] Group 2 - In November, new residential property prices in first-tier cities decreased by 0.4% month-on-month, while second-hand residential prices fell by 1.1%, with both declines widening compared to the previous month [1] - Second and third-tier cities saw new residential property prices decrease by 0.3% and 0.4% respectively, with second-hand prices also declining by 0.6% [1] - Year-on-year, new residential property prices in first-tier cities dropped by 1.2%, with second and third-tier cities experiencing declines of 2.2% and 3.5% respectively [1] - The transaction volume in the new and second-hand housing markets improved in November compared to October, with a 14% increase in second-hand housing transaction area in 30 key cities [2] - The average opening sales rate for new housing projects in 30 key cities was 34%, reflecting a 3 percentage point increase from the previous month [2] - Core cities like Shanghai, Hefei, and Hangzhou showed stability or growth in new housing prices, with Shanghai's large unit new housing prices increasing by 6.7% year-on-year [2]

格隆汇12月15日｜国家统计局数据显示，11月份，70个大中城市商品住宅销售价格环比总体下降、同比 降幅扩大。一线城市新建商品住宅销售价格环比下降0.4%，降幅比上月扩大0.1个百分点。其中，上海 上涨0.1%，北京、广州和深圳分别下降0.5%、0.5%和0.9%。二、三线城市新建商品住宅销售价格环比 分别下降0.3%和0.4%，降幅均收窄0.1个百分点。11月份，一线城市二手住宅销售价格环比下降1.1%， 降幅比上月扩大0.2个百分点。其中，北京、上海、广州和深圳分别下降1.3%、0.8%、1.2%和1.0%。二 线城市二手住宅销售价格环比下降0.6%，降幅与上月相同。三线城市二手住宅销售价格环比下降 0.6%，降幅收窄0.1个百分点。 ...

格隆汇12月15日｜国家统计局： 11月份，一线城市新建商品住宅销售价格同比下降1.2%，降幅比上月 扩大0.4个百分点。其中，上海上涨5.1%，北京、广州和深圳分别下降2.1%、4.3%和3.7%。二、三线城 市新建商品住宅销售价格同比分别下降2.2%和3.5%，降幅分别扩大0.2个和0.1个百分点。 ...

人民财讯12月15日电，据国家统计局，2025年11月份，70个大中城市商品住宅销售价格环比总体下降、 同比降幅扩大。11月份，一线城市新建商品住宅销售价格环比下降0.4%，降幅比上月扩大0.1个百分 点。其中，上海上涨0.1%，北京、广州和深圳分别下降0.5%、0.5%和0.9%。二、三线城市新建商品住 宅销售价格环比分别下降0.3%和0.4%，降幅均收窄0.1个百分点。11月份，一线城市二手住宅销售价格 环比下降1.1%，降幅比上月扩大0.2个百分点。其中，北京、上海、广州和深圳分别下降1.3%、0.8%、 1.2%和1.0%。二线城市二手住宅销售价格环比下降0.6%，降幅与上月相同。三线城市二手住宅销售价 格环比下降0.6%，降幅收窄0.1个百分点。 ...

11月份，一线城市二手住宅销售价格同比下降5.8%，降幅比上月扩大1.4个百分点。其中，北京、上 海、广州和深圳分别下降6.8%、4.6%、7.2%和4.8%。二、三线城市二手住宅销售价格同比分别下降 5.6%和5.8%，降幅分别扩大0.4个和0.1个百分点。 原标题：国家统计局城市司首席统计师王中华解读2025年11月份商品住宅销售价格变动情况统计数据 编辑：陈璐 责编：张松涛 11月份，一线城市二手住宅销售价格环比下降1.1%，降幅比上月扩大0.2个百分点。其中，北京、上 海、广州和深圳分别下降1.3%、0.8%、1.2%和1.0%。二线城市二手住宅销售价格环比下降0.6%，降幅 与上月相同。三线城市二手住宅销售价格环比下降0.6%，降幅收窄0.1个百分点。 二、一二三线城市商品住宅销售价格同比降幅扩大 11月份，一线城市新建商品住宅销售价格同比下降1.2%，降幅比上月扩大0.4个百分点。其中，上海上 涨5.1%，北京、广州和深圳分别下降2.1%、4.3%和3.7%。二、三线城市新建商品住宅销售价格同比分 别下降2.2%和3.5%，降幅分别扩大0.2个和0.1个百分点。 国家统计局消息，2025年11月份 ...

表 1：2025 年 1 1 月70个大中城市新建商品住宅销售价格指数 | 城市 | | | --- | --- | | 环比 | | | 同比 | | | 1-1 1月平均 | | | 城市 | | | 环比 | | | 同比 | | | 1-1 1月平均 | | | 上月=100 | | | 上年同月=100 | | | 上年同期=100 | | | 上月=100 | | | 上年同月=100 | | | 上年同期=100 | | | 北京 | | | | 99.5 | | | 97.9 96.0 | | 唐山 | | | | 99.4 | | | 94.3 | | | 93.2 | | 天津 | | | | 99.6 | | | 97.8 | | | 98.1 | | 秦 皇 岛 | | | | 99.6 | | | 95.5 | | | 94.0 | | 石 家 庄 | | | | 99.5 | | | 95.9 | | | 96.4 | | 包头 | | | | 99.4 | | | 93.9 | | 太原 | 93.9 | | | 99.3 | | | 99.3 | | | 100.8 | | 丹 ...