PTI数据显示，10月百强房企物业销售同比降幅扩大至17%（环比-2%，往年为环比增长），为4月以来最大单月跌幅；前50强同比降19%，摩根士丹利跟踪的30家主要房企同比降24%，年初至今累计下降23%。报告认为，这既与"现房销售"政策推出后新盘推盘节奏放缓有关，也与二手房凭借更具竞争力的定价持续抢占份额有关。房企表现继续分化：国企相对稳健，CMSK、C&D、华润置地、越秀同比分别为+23%、+10%、+3%、-1%，而雅居乐、合景泰富、美的置业、世茂、中梁跌幅均超55%，远洋、万科分别下降64%和60%。二手房方面，25个重点城市实时成交10月同比加速至约23%。预计2027年新房与二手房销售的K型分化或将延续，新房销售或维持弱于往年的旺季表现。
PTI data show the top 100 developers' property sales decline continued to widen to 17% y-y (-2% m-m vs. increases in previous years) in October, marking the sharpest drop since April. Attributable sales declines among the top 50 and top 100 developers widened to 19% and 17% y-y, respectively, despite a meaningfully low comparison base, partly due to slower project launches following the rollout of the completed-sales policy and partly to continued market share gains of existing homes amid more competitive pricing. For the 30 major developers tracked, the sales decline widened to 24% y-y, bringing the YTD drop to 23% y-y. Performance continued to diverge: SOEs remained relatively resilient, with CMSK, C&D, CR Land and Yuexiu posting y-y growth of 23%, 10%, 3% and -1%, while Agile, KWG, Midea RE, Shimao and Zhongliang saw sales fall by more than 55% y-y, and Sino-Ocean and Vanke fell 64% and 60%. Morgan Stanley expects K-shaped trends between new and existing home sales to persist into 2