National Bureau of Statistics: In November, the sales prices of new homes in first-tier cities decreased by 0.4% month-on-month.
On December 15th, the National Bureau of Statistics released the "Changes in the Sales Prices of Commercial Residential Buildings in 70 Large and Medium - sized Cities in November 2025". The statistical data shows that in November, the sales prices of newly - built commercial residential buildings in first - tier cities continued to decline, with a month - on - month decrease of 0.4%, an increase of 0.1 percentage points compared with the previous month. The sales prices of newly - built commercial residential buildings in second - and third - tier cities decreased by 0.3% and 0.4% respectively on a month - on - month basis, and the decline rates narrowed.
The fluctuations in the second - hand housing market were more obvious than those in the new housing market. In November, the sales prices of second - hand residential buildings in first - tier cities decreased by 1.1% on a month - on - month basis, and the decline rate increased by 0.2 percentage points compared with the previous month. Among them, the prices in Beijing, Shanghai, Guangzhou, and Shenzhen decreased by 1.3%, 0.8%, 1.2%, and 1.0% respectively. The sales prices of second - hand residential buildings in second - tier cities decreased by 0.6% on a month - on - month basis, the same as the previous month. The sales prices of second - hand residential buildings in third - tier cities decreased by 0.6% on a month - on - month basis, and the decline rate narrowed by 0.1 percentage points.
Compared with October last year, the cities with the most obvious decline in new housing prices were Baotou, Kunming, Xi'an, Luzhou, Tangshan, etc. The cities with the most obvious decline in second - hand housing prices were Xuzhou, Zhengzhou, Xi'an, Tangshan, Yangzhou, Changde, Wuhan, etc.
Source: National Bureau of Statistics
Source: National Bureau of Statistics
Zhang Bo, the dean of the 58 Anjuke Research Institute, analyzed that the new housing market achieved partial stability through improved housing sources in core cities. In the second - hand housing market, the increase in the number of listed properties led to an expansion of the "trading volume with price cuts" strategy, and the differentiation between city levels and fundamentals continued to intensify. Although the proportion of cities with month - on - month price declines in newly - built commercial residential buildings in 70 cities was high in November, a few core cities such as Shanghai, Hefei, and Hangzhou achieved year - on - year or month - on - month positive growth. Taking Shanghai as an example, the year - on - year increase in the prices of new large - sized houses over 144 square meters reached 6.7%, indicating a stable supply - demand situation for improved housing demand. According to the online data from Anjuke, the month - on - month continuous increase in the proportion of search popularity for housing with floor areas of 120 - 140 square meters and 140 - 180 square meters also confirmed this trend. However, the year - on - year increase in the prices of new houses with floor areas of 90 square meters and below, which are mainly for rigid - demand buyers in Shanghai, was only 3.8%, reflecting the structural characteristic of the new housing market dominated by improved housing.
According to the online data from Anjuke, the average listed price of second - hand houses in 100 cities decreased by 8.59% year - on - year, and the second - hand housing prices were still in a continuous downward trend, which was consistent with the overall month - on - month decline in second - hand housing prices in the data released by the National Bureau of Statistics. The downward trend was related to the increase in market supply and the overall difficulty in destocking. The number of listed second - hand houses in 100 cities on Anjuke's platform increased to 2.678 million units, a year - on - year increase of 7.8%. Among them, the increase in the number of listed properties in new first - tier cities reached the highest, up to 10.13%. At the same time, the average listing duration of second - hand houses increased to 94.72 days. The destocking pressure directly suppressed the prices, but due to the wider price adjustment, the market trading volume remained at a relatively high level.
Guo Zhen, the chief analyst of the real estate industry at GF Securities, said in a recent public speech that judging from the new housing starts, the domestic real estate market had been oversold. Referring to the market trend experiences of countries such as Japan and the United States, the pressure on the domestic real estate industry in the short term had dropped to a central level of 700 - 800 million square meters, but in the long term, it should stabilize at 850 million square meters, showing a recovery compared with the current situation.
The online questionnaire released by the 58 Anjuke Research Institute in December showed that the proportion of users with a clear plan to buy a house in 2026 reached 34.61%, an increase of 11.63 percentage points compared with the mid - year survey; the proportion of users holding money and waiting decreased to 33.56%, a decrease of more than 15 percentage points, indicating that the market's wait - and - see sentiment had eased.
The industry believes that in the future, with policy support, rigid - demand housing needs will be released first in core cities. The market is expected to show a trend of stable volume and price in the second - hand housing market and stable development of core improved housing in the new housing market. Guided by the 14th Five - Year Plan, by removing unreasonable restrictions on housing consumption and promoting the construction of high - quality housing, the real estate industry will gradually transition to high - quality development. The competition among real estate enterprises will focus more on quality, and the proportion of products such as elderly - friendly housing and green intelligent housing may increase to meet the trends of population aging and family miniaturization.