Insufficient success, excessive failure

In November 2024, among 70 large and medium-sized cities, the number of cities with month-on-month increases in commodity residential sales prices increased. The overall month-on-month sales prices of commodity residential properties in first-tier cities rose, while the month-on-month decline in second- and third-tier cities narrowed. For the first time this year, the year-on-year decline in sales prices across all tiers of cities also narrowed. In November, the month-on-month sales prices of newly built commodity residential properties in first-tier cities changed from a 0.2% decrease last month to flat. Among them, Shanghai and Shenzhen increased by 0.6% and 0.3% respectively, while Beijing and Guangzhou decreased by 0.5% and 0.3% respectively. The month-on-month sales prices of second-hand residential properties in first-tier cities increased by 0.4%, the same increase as last month. Among them, Beijing, Shanghai, and Shenzhen increased by 0.9%, 0.4%, and 0.5% respectively, while Guangzhou decreased by 0.4%.