According to preliminary statistics from the China Index, the transaction area of newly built commercial housing in 100 key cities declined year-on-year from January to November 2025. Among them, the first quarter was driven by the 2024 9.26 package of policies, and the market continued to recover slightly; the market gradually declined since the second quarter; entering the third quarter, the market faced multiple pressures. Frequent extreme weather such as high temperatures and heavy rainfall compounded the contraction in the supply of new homes, and the year-on-year decline in the sales area of new homes in 100 cities increased; in October-November, the average monthly sales area of 100 cities remained at a certain scale, driven by real estate companies' performance spurts and the entry into the market of high-quality projects.

According to preliminary statistics from the China Index, the transaction area of newly built commercial housing in 100 key cities declined year-on-year from January to November 2025. Among them, the first quarter was driven by the 2024 9.26 package of policies, and the market continued to recover slightly; the market gradually declined since the second quarter; entering the third quarter, the market faced multiple pressures. Frequent extreme weather such as high temperatures and heavy rainfall compounded the contraction in the supply of new homes, and the year-on-year decline in the sales area of new homes in 100 cities increased; in October-November, the average monthly sales area of 100 cities remained at a certain scale, driven by real estate companies' performance spurts and the entry into the market of high-quality projects.