Core Insights - The real estate market in November shows signs of structural stabilization amid ongoing adjustments, with the new housing market's supply-demand relationship improving and the second-hand housing market demonstrating stronger recovery momentum [3][19]. New Housing Market - In November, the new housing supply in 30 key cities increased by 16% month-on-month, while inventory slightly decreased by 1%, indicating that new supply is being absorbed by demand [4][19]. - The average opening sales rate for new housing projects in these cities rose by 3 percentage points to 34% [12][19]. - The expected new supply for November is 6.69 million square meters, with first-tier cities seeing a 23% increase and second- and third-tier cities a 14% increase [7][19]. - The total transaction area for new housing in November reached 8.15 million square meters, with a cumulative transaction of 106.51 million square meters for the first eleven months [9][19]. Second-Hand Housing Market - The second-hand housing market showed resilience, with transaction volume in 30 key cities increasing by 14% month-on-month, and a cumulative year-on-year growth of 3% for the first eleven months [16][19]. - Major cities like Shanghai and Beijing experienced significant month-on-month increases in transaction volumes, with Shanghai up 22% and Beijing up 15% [16][18]. - The cumulative year-on-year growth rate for the second-hand housing market has slowed from 12% in the first six months to 3% in November, indicating a phase of volatility and bottoming out [17][19]. Market Dynamics - The overall supply-demand ratio in the 30 cities improved from 0.6 to 0.82, with 11 cities maintaining a stable supply-demand ratio between 0.8 and 1.2 [15][19]. - Inventory in these cities stood at 21.89 million square meters, reflecting a 1% month-on-month decrease and a 5% year-on-year decline [15][19]. - The average opening sales rate for new housing projects indicates a recovery trend in several cities, particularly in Tianjin, Suzhou, and Ningbo, where rates exceeded 60% [12][14].