从2021年以后，我们的经济总好像不那么猛了，对于我们普通人最明显的就是钱难赚了，生意难做了， 导致我们也不敢花钱了，就形成了现在的物价通缩。 物价通缩就说明经济在下行的周期， 体现在大家不仅降级消费了，大家越来越喜欢存钱了，有了钱以 后也不买房子，也不消费。 这就是咱们现在最真实的现状。 经济想真正回暖，绕不开楼市，房价稳不住，消费、投资、内需全都是空谈。 很多人不理解，不就是房子吗？至于影响这么大？ 我告诉你，太至于了。 在中国，房子是绝大多数家庭最大的资产，占了家底的60%以上。 房价一跌，大家的资产就缩水，手里的房子不值钱了，心里就慌，第一反应就是：存钱、不花钱、不敢 换车、不敢旅游、不敢给孩子报班，更不敢随便辞职。 消费起不来，内需拉不动，开店的没生意，开厂的没订单，上班的没信心， 我们是有14亿人口的一个大国，如果每个人每天都消费1块钱，那我们的经济能不好起来吗？现在会有 国补，有各种的补贴政策，但大家还是没有那种消费的欲望，这是为什么呢？ 其实不是大家不想消费，而是大家不敢消费，因为大家的钱太难赚了。因为我们的房价一直没有企稳， 所以大家没有信心。 再往大了说，楼市连着上下游50多个行业，建材、 ...

Core Insights - The overall real estate market in China is experiencing a downturn, with significant declines in investment, sales area, and sales revenue in 2025 compared to 2024 [1][2][3] Group 1: Market Performance - In 2025, national real estate development investment reached 82,788 billion yuan, a decrease of 17.2% from 2024 [1][2] - The sales area of newly built commercial housing was 88,101 million square meters, down 8.7% year-on-year [1][2] - The sales revenue of newly built commercial housing was 83,937 billion yuan, reflecting a decline of 12.6% compared to the previous year [1][2] Group 2: Price Trends - In December 2025, the new housing prices in 70 large and medium-sized cities showed a month-on-month decline, with only 6 cities experiencing a rise [1][6] - Shanghai's new housing prices increased by 0.2% month-on-month and surged by 4.8% year-on-year, making it the only first-tier city with both month-on-month and year-on-year growth [2][5] - The average price of commercial housing nationwide in 2025 was approximately 9,527 yuan per square meter, indicating a year-on-year decline of 4.1% [2] Group 3: Market Dynamics - The first-tier cities are showing signs of stabilization, with a narrowing decline in second-hand housing prices and a reduction in new listings [4][7] - The trend of "price for volume" in the second-hand housing market remains unchanged, with over 80% of second-hand housing prices in 70 cities below 95 on the index [7] - The demand side is gradually recovering, as indicated by an increase in the proportion of individuals searching for second-hand homes, which rose to an average of 65.4% in 2025 [7] Group 4: Future Outlook - The financial environment is expected to improve in 2026, which may facilitate better inventory management by real estate companies [3] - The government is likely to continue controlling new supply and enhancing social security measures to stabilize the market [3] - The overall market sentiment is shifting towards recovery, with signs of increased activity in the first-tier cities [4][7]

Core Viewpoint - The national real estate market in China is undergoing a deep adjustment, with a focus on institutional reforms and revitalizing idle properties to mitigate risks and boost consumption in 2025 [2][3]. Group 1: Sales and Market Trends - In 2025, the total sales area of new commercial housing reached 88.101 million square meters, a decrease of 8.7% from the previous year, with residential sales area down by 9.2% [2]. - The sales revenue for new commercial housing was 839.37 billion yuan, reflecting a decline of 12.6%, with residential sales revenue decreasing by 13.0% [2]. - The sales area and revenue for new commercial housing in 2024 were 97.385 million square meters and 967.5 billion yuan, respectively, marking a year-on-year decline of 12.9% and 17.1% [3]. Group 2: Investment and Development - National real estate development investment in 2025 was 827.88 billion yuan, down 17.2% year-on-year, with residential investment at 635.14 billion yuan, a decrease of 16.3% [3]. - The construction area and new starts for residential projects saw year-on-year declines exceeding 10% and 20%, respectively [3]. Group 3: Price Trends - In December 2025, the new housing prices in Shanghai increased by 0.2%, making it the only first-tier city with a month-on-month increase [4]. - The number of cities with stable new housing prices increased, indicating a phase of deep negotiation between supply and demand [4]. - In the second-hand housing market, prices continued to decline, with first-tier cities experiencing a reduced month-on-month decline of 0.9% [4]. Group 4: Inventory and Market Dynamics - As of the end of 2025, the nationwide unsold housing area was 76.632 million square meters, an increase of 1.6% from the previous year [5]. - The inventory pressure remains significant, with many cities still facing prolonged periods for sales to normalize [5]. - The article highlights that the overall stability of the real estate market is accompanied by fluctuations in certain cities due to high inventory levels [5]. Group 5: Future Outlook - Looking ahead to 2026, the trend of controlling new supply while addressing inventory issues is expected to continue, with a shift in demand towards second-hand and rental markets [6]. - The narrowing decline in housing prices in first-tier cities and increased transactions in affordable second-hand homes suggest a potential stabilization in the market [6].

记者丨李莎 编辑丨周上祺 2026年1月19日，国家统计局发布2025年12月70城房价数据。 数据显示，2025年12月一线城市新房、二手房价格降幅均收窄。其中新建商品住宅销售价格环比下降 0.3%，降幅比上月收窄0.1个百分点；二手住宅销售价格环比下降0.9%，降幅比上月收窄0.2个百分点。 在一线城市中，上海房价表现相对较好。2025年12月，上海新房价格环比上涨0.2%，成为当月一线城 市中唯一一个新房价格上涨城市。上海二手房价格环比下降0.6%，降幅较上月有所收窄，月度降幅与 深圳持平，表现好于其他两个一线城市。 张波认为，在新房市场，上海144平方米以上大户型的热销，印证了市场改善性需求的韧性。二手房价 格降幅收窄，说明需求端观望情绪正在逐步消解。 二三线城市房价仍有待改善。2025年12月，二线城市新房和二手房价格环比分别下降0.4%和0.7%，降 幅较上月均扩大0.1个百分点；当月三线城市新房价格环比下降0.4%，降幅与上月相同，二手房价格下 降0.7%，降幅扩大0.1个百分点。 58安居客研究院院长张波向21世纪经济报道记者表示，这意味着一线市场止跌回暖信号有所增强。 广东省住房政策研究中心 ...

58安居客研究院院长张波向21世纪经济报道记者表示，这意味着一线市场止跌回暖信号有所增强。 广东省住房政策研究中心首席研究员李宇嘉向21世纪经济报道记者表示，一线城市新房和二手房价格环比降幅收窄，成为2025年12月70城房价 数据中的最大看点。其主要原因在于，12月一线城市新房和二手房市场翘尾行情明显。 资料图 21世纪经济报道记者李莎报道2026年1月19日，国家统计局发布2025年12月70城房价数据。 数据显示，2025年12月一线城市新房、二手房价格降幅均收窄。其中新建商品住宅销售价格环比下降0.3%，降幅比上月收窄0.1个百分点；二 手住宅销售价格环比下降0.9%，降幅比上月收窄0.2个百分点。 张波认为，在新房市场，上海144平方米以上大户型的热销，印证了市场改善性需求的韧性。二手房价格降幅收窄，说明需求端观望情绪正在 逐步消解。 二三线城市房价仍有待改善。2025年12月，二线城市新房和二手房价格环比分别下降0.4%和0.7%，降幅较上月均扩大0.1个百分点；当月三线 城市新房价格环比下降0.4%，降幅与上月相同，二手房价格下降0.7%，降幅扩大0.1个百分点。 整体来看，李宇嘉认为，市场房价 ...

Group 1 - The new policy has led to a warming trend in Beijing's real estate market, with increased market activity and potential sales growth in certain areas [2][13] - The average daily online signing volume for new homes increased by 44.6% after the policy implementation compared to the period before the policy [2][21] - There is a noticeable shift in the seller's mindset, with some buyers expressing a desire for stable housing prices [2][5] Group 2 - The new policy includes relaxed purchase restrictions for non-Beijing residents and adjustments in mortgage terms, which are expected to lower the cost of home buying [3][14] - Real estate agents reported a significant increase in transaction speed and volume in the days following the policy announcement, with one district achieving over 800 million yuan in sales by the end of December [3][14] - Data from 58 Anjuke indicates a 16% increase in effective connections for second-hand homes and a 20% increase in user inquiries in the week following the policy [15] Group 3 - The new policy's impact on the second-hand housing market is still developing, with daily average signing volumes remaining stable compared to the previous period [4][15] - The average listing price for second-hand homes in Beijing decreased by 0.77% in December, with significant declines in 14 out of 16 districts [6][17] - Real estate experts suggest that the market is nearing a bottom, with limited room for further price declines in previously discounted properties [6][17] Group 4 - The sales environment in popular projects has become competitive, with reports of long queues at sales offices and rapid sales of available units [19][20] - The market is experiencing a divide, with high-demand projects in core areas performing better than those in non-core regions [10][21] - Analysts recommend that real estate companies focus on product quality and pricing strategies to meet diverse buyer needs and improve sales performance [10][21]

Core Viewpoint - The 2026 real estate development direction is crucial for public welfare and economic stability, marking a transition from a model of universal price increases to a new phase of high-quality development characterized by stable totals and structural differentiation [1][6]. Policy Objectives - The Ministry of Housing and Urban-Rural Development (MOHURD) has set four core objectives: stabilize the market, prevent risks, optimize supply, and promote transformation, indicating a shift from "incremental expansion" to "stock optimization" [1][3]. Demand-Side Measures - The policy emphasizes a continued loose stance on demand, including reforms to the housing provident fund system to lower barriers for first-time and upgrading homebuyers, such as increasing loan limits and facilitating inter-city loan recognition [3][4]. Supply-Side Measures - On the supply side, the focus is on controlling new land supply in low-capacity cities, encouraging the conversion of existing properties into affordable housing, and promoting the construction of high-quality homes to meet market demand [4][6]. Market Trends - The real estate market is expected to enter a stabilization phase in 2026, with a predicted reduction in the overall decline of housing transactions to 5.0%, an improvement from 6.8% in 2025 [6][7]. Core cities are likely to see demand stabilize, while lower-tier cities may continue to face significant inventory pressures [6][7]. Price Dynamics - Price trends will vary by city tier, with core cities likely experiencing stable or slightly rising prices due to improved demand and supply conditions, while second and third-tier cities may see price adjustments due to inventory pressures [7][8]. Risk Management - The dual focus on risk prevention and model transformation is expected to provide a stabilizing effect on prices, with measures such as debt restructuring for troubled real estate companies and the promotion of a dual-track system for affordable and market housing [8][9]. Strategic Recommendations - Different market participants should adapt their strategies according to policy directions, with homebuyers in core cities encouraged to enter the market during this policy window, while developers should shift focus from expansion to enhancing product quality and risk management [9]. Local governments are advised to implement tailored policies to foster a healthy market cycle [9]. Overall Outlook - The MOHURD's 2026 real estate deployment aims for "steady progress" in high-quality development, guiding the market back to its residential attributes and achieving supply-demand balance, with a new paradigm of "core stability, regional differentiation, and quality premium" expected to emerge [9].

Group 1 - The core reason for not lowering housing prices is the economic dependency on the real estate sector, which supports a vast employment chain from construction to furniture and design [3][4] - Protecting jobs in the real estate industry is prioritized over drastic price reductions, as maintaining employment stability is deemed crucial [4] - Local governments rely heavily on land sales for revenue, with over 30% of their income coming from this source, making a drop in housing prices detrimental to fiscal health [5][6] Group 2 - The financial system is under pressure, as a significant portion of home purchases are financed through loans; a sharp decline in housing prices could lead to a wave of defaults [8][9] - Maintaining stable housing prices is also a strategic consideration in the context of international economic competition, particularly with the U.S. [10] - The government aims to balance housing prices while increasing income levels, with a focus on fostering new economic growth areas to reduce reliance on real estate [15]

Core Viewpoint - The article argues that a comprehensive decline in housing prices could lead to significant negative consequences for ordinary people, contrary to the belief that lower prices would benefit them [1]. Group 1: Impact on the Banking System - A significant portion of urban households, over 60%, rely on mortgages to purchase homes, making them vulnerable to becoming "underwater" if housing prices fall [1]. - An increase in mortgage defaults could destabilize the banking system, leading to a credit crunch where banks are unable to lend to potential homebuyers [1]. Group 2: Employment Consequences - The real estate sector employs a wide range of workers, from construction laborers to sales agents, and a decline in housing prices would lead to reduced development activity and subsequent job losses [1][3]. - Cities that have already experienced price declines, such as Zhengzhou and Shijiazhuang, show a significant decrease in job availability in real estate-related fields [3]. Group 3: Government Revenue and Infrastructure - Many local governments rely heavily on land sales for revenue, with some cities deriving over 30% to 50% of their fiscal income from land transfer fees; a drop in housing prices would reduce land values and government income [3]. - Reduced government revenue would hinder urban infrastructure development, affecting public services such as transportation, education, and healthcare [3]. Group 4: Affordability for First-Time Buyers - Contrary to expectations, a drop in housing prices could make it harder for first-time buyers to purchase homes due to increased market uncertainty and stricter lending criteria from banks [1][5]. - Economic downturns often accompany falling housing prices, leading to job instability and reduced incomes, further complicating the ability of ordinary people to secure loans for home purchases [5]. Group 5: Policy Implications - The article emphasizes the importance of stable housing prices, advocating for a balance where prices are not excessively high or low, to ensure a healthy market environment for banks, developers, and consumers [5]. - The current national policy aims to stabilize housing prices rather than allowing them to fall drastically, aligning with the principle of "housing is for living, not for speculation" [5].

Core Viewpoint - The article discusses the complex reasons behind developers' reluctance to significantly lower housing prices and the local governments' frequent easing of real estate policies, emphasizing the need for market stability rather than drastic fluctuations [1][9]. Market Background - Since the second half of last year, the domestic housing market has shown a downward trend, with the average national housing price dropping from 11,000 yuan per square meter to 9,560 yuan per square meter, a decline of over 15%. As of August this year, only 29 out of 100 key cities saw new housing prices increase, while 69 cities experienced price declines [3]. - The second-hand housing market is even more challenging, with only 23 cities seeing price increases, while 74 cities reported declines [3]. Current Housing Prices - Despite the overall decline, housing prices remain high, with the average price in 60 key cities at 17,593 yuan per square meter. Purchasing an ordinary commodity house often costs two to three million yuan, while first-tier cities like Beijing, Shanghai, and Shenzhen have average prices reaching 60,000 to 70,000 yuan per square meter, leading to costs of six to seven million yuan [5]. Developer and Government Actions - Many developers are choosing to "hold the line" on prices, with promotional discounts rarely exceeding 10%. Concurrently, local governments have introduced numerous policies to ease the real estate market, with 299 regulatory measures implemented in the first half of 2022, including relaxed purchase restrictions, loan limits, and housing subsidies [6]. - Some cities have even introduced "price drop limits" to prevent developers from significantly lowering prices [6]. Reasons for Price Stability - A sudden drop in housing prices could exacerbate market hesitation, making it harder for developers to sell existing inventory, as buyers tend to wait for lower prices [8]. - Significant price reductions could lead to dissatisfaction among previous buyers, potentially resulting in compensation claims and social instability [8]. - A drastic decline in prices could diminish developers' willingness to acquire land, negatively impacting local government revenues from land sales, which are crucial for infrastructure projects and economic growth [8]. - A cooling real estate market would also affect numerous related industries, including steel, cement, and home furnishings, which employ a large workforce, thus threatening job stability [8]. Conclusion - The easing of real estate policies and developers' reluctance to lower prices significantly stem from a desire to avoid drastic fluctuations in housing prices, which could lead to social and economic instability. Stability is currently the primary goal of real estate market regulation [9].