Core Viewpoint - The recent data from the National Bureau of Statistics indicates that the year-on-year decline in housing prices in major cities is continuing to narrow, suggesting a potential stabilization in the real estate market driven by recent policy optimizations [1][4][6]. Price Trends - In September, the year-on-year decline in new residential prices in first-tier cities was 0.7%, a reduction of 0.2 percentage points from the previous month. Specifically, Shanghai saw a year-on-year increase of 5.6%, while Beijing, Guangzhou, and Shenzhen experienced declines of 2.6%, 4.1%, and 1.8%, respectively [4][6]. - For second and third-tier cities, new residential prices fell by 2.1% and 3.4% year-on-year, with both categories also seeing a narrowing of 0.3 percentage points in their decline [4][6]. Market Dynamics - The number of cities with year-on-year increases in new residential prices rose from 5 in August to 8 in September, including cities like Shanghai, Hangzhou, and Chengdu, which are characterized by young populations and high commercial activity [4][5]. - The second-hand housing market also showed a trend of narrowing year-on-year declines, with first-tier cities experiencing a 3.2% drop, a reduction of 0.3 percentage points from the previous month [4][6]. Policy Impact - The recent positive changes in housing prices are closely linked to supportive policies implemented across various regions, such as the reduction of existing mortgage rates in Shanghai and the optimization of housing fund withdrawal policies in Beijing [6][7]. - Specific examples include Beijing's policy changes allowing families to purchase multiple homes outside the Fifth Ring Road and increasing the maximum amount for second-home housing fund loans from 600,000 to 1 million yuan [7]. Market Activity - Actual market transactions reflect this recovery trend, with notable sales figures such as the successful launch of a project in Beijing that sold 573 units for a total of 4.7 billion yuan, achieving a sales rate of 70.94% by October 20 [7].