中国房价在2025年11月下跌,由于供需疲软和供过于求,下跌加速。 Chinese home prices fell in November 2025, with declines accelerating due to weak demand and excess supply.

中国70个主要城市的房价在2025年11月逐月下跌0.4%,根据官方数据,年同月下跌增至2.8%。 Home prices in China's 70 major cities fell 0.4% month-on-month in November 2025, with year-on-year declines widening to 2.8%, according to official data. 包括北京、广州和深圳等所有主要层级的新房价下跌,而上海略有上升0.1%。 New home prices dropped in all major tiers, including Beijing, Guangzhou, and Shenzhen, while Shanghai saw a marginal 0.1% rise. 二手房价每月下跌0.7%,是一年多来最大幅度的下降。 Second-hand home prices fell 0.7% monthly, the sharpest drop in over a year. 迄今为止,房地产投资下降了15.9%,新建筑开工率下降了20.5%,均比前几个月加速。 Property investment declined 15.9% year-to-date, and new construction starts dropped 20.5%, both accelerating from prior months. 尽管500多项地方政策措施和中央政府承诺稳定市场,但由于开发商流动性问题、供应过剩和家庭财富下降,需求依然疲软。 Despite over 500 local policy measures and central government pledges to stabilize the market, demand remains weak, driven by developer liquidity issues, excess supply, and falling household wealth. 经济学家项目继续将价格降至2026年,并在2027年实现稳定增长,货币基金组织敦促进行更强有力的改革以解决危机。 Economists project continued price declines into 2026 and flat growth in 2027, with the IMF urging stronger reforms to resolve the crisis.