The real estate market continued its adjustment trend in October.

On November 14th, the National Bureau of Statistics released the "Basic Situation of the National Real Estate Market from January to October 2025". The data shows that the national real estate market continues to be in an adjustment state. From January to October, the sales area of newly-built commercial housing nationwide decreased by 6.8% year-on-year, and the sales volume decreased by 9.6% year-on-year.

However, the inventory pressure of commercial housing continues to decrease. At the end of October, the floor area of commercial housing for sale was 756.06 million square meters, a decrease of 3.22 million square meters compared with the end of September. Among them, the floor area of residential housing for sale decreased by 2.92 million square meters.

The floor area of commercial housing for sale nationwide has been declining for 8 consecutive months since the beginning of this year.

Source: National Bureau of Statistics

Affected by the shrinking market transactions, the national real estate development investment and new construction continue to operate at a low level. From January to October, the national real estate development investment was 7.3563 trillion yuan, a year-on-year decrease of 14.7%. Among them, the investment in residential housing was 5.6595 trillion yuan, a decrease of 13.8%. During the same period, the newly-started floor area of buildings was 490.61 million square meters, a decrease of 19.8%. Among them, the newly-started floor area of residential housing was 359.52 million square meters, a decrease of 19.3%.

According to the data of the "Changes in the Sales Prices of Commercial Residential Buildings in 70 Large and Medium - Sized Cities in October 2025" released by the National Bureau of Statistics, in the new - house market in October, among the four first - tier cities, only Shanghai maintained a year - on - year increase, with a growth rate of 0.3%. Beijing, Guangzhou, and Shenzhen decreased by 0.1%, 0.8%, and 0.7% respectively.

The sales prices of newly - built commercial residential buildings in second - tier cities decreased by 0.4% month - on - month, the same as last month. Among them, four cities, Shenyang, Hangzhou, Hefei, and Urumqi, had a slight month - on - month increase.

In the second - hand housing market, in October, among the 70 large and medium - sized cities across the country, there was still no city with a month - on - month or year - on - year price increase. Tangshan had the largest year - on - year decline in October, with a decrease of 8.3%, followed by Zhengzhou, with a decrease of 8.2%.

Zhang Bo, the dean of the 58 Anjuke Research Institute, analyzed that from the differentiated performance of first - tier, second - tier, and third - and fourth - tier cities, the downward pressure on housing prices in small and medium - sized cities with high inventories still exists. In cities where the inventory digestion cycle exceeds 20 months, affected by real estate enterprises' "trading price for volume" to boost performance, the prices of new houses still decline month - on - month. At the same time, according to the monitoring data of the 58 Anjuke Research Institute, the diversion intensity of second - hand housing in third - and fourth - tier cities reaches 37%, the highest among all levels, which means that one out of every three new - house search customers also pays attention to second - hand housing. Coupled with factors such as population outflow and industrial pressure, the pressure on the recovery of transaction volume and prices in third - and fourth - tier cities is still relatively large.

Zhang Bo said that generally speaking, the situation of stability in the core areas of first - tier cities, internal differentiation in second - tier cities, and overall pressure in third - and fourth - tier cities has not changed. From November to December, with the increasing policy support and real estate enterprises' year - end sprint, the market is expected to show the characteristics of "stable volume, weak prices, and continuous differentiation". From November to December, in order to achieve their annual performance targets, real estate enterprises will increase the intensity of "trading price for volume". Coupled with the possible subsidy policies launched by local governments, it is expected that while the transaction prices of new houses decline, the transaction volume will increase. Among them, the increase in the 24 core cities will be obvious, and more third - and fourth - tier cities will maintain basic transactions.