Crackdown: In November 2025, there will be a phased increase in new housing supply, with transactions continuing to stabilize.

Crack Real Estate Research shows that in November 2025, there was a phased increase in new housing supply, and transactions continued to stabilize. The situation where new housing supply constrains the rebound in transactions has not changed, with a total inventory area of 21.89 million square meters in 30 cities, a slight decrease of 1% month-on-month, and a 5% decrease year-on-year. Second-hand housing transactions continued to increase, with transactions rising by 14% month-on-month. The land market saw an increase in transaction volume and average premium rates.