Core Insights - The housing prices in major cities across China have shown a month-on-month decline in September, with a narrowing year-on-year decline [1] - In Hunan province, key cities such as Changsha, Changde, and Yueyang experienced a month-on-month drop in new home prices, with Changsha down by 0.4%, Changde by 0.6%, and Yueyang by 0.5% [1] - The second-hand housing market in Changsha saw a more significant decline, with prices dropping by 0.8% month-on-month, while Changde and Yueyang experienced declines of 0.7% and 0.3%, respectively [1] Market Activity - Despite the decline in housing prices, the real estate market in Changsha became more active in September, with new home supply increasing by 155% month-on-month to 490,000 square meters, and transaction volume rising by 54% month-on-month [2] - The increase in market activity is attributed to developers aggressively promoting their properties and offering discounts, such as cash subsidies for families with young children and promotional giveaways [2] - However, the overall market remains in a state of adjustment, with excess supply and significant de-stocking pressure, indicating that the market is still underperforming [2]