商品房销售额（1-6月累计）
35,825 亿元 同比-13.6%
商品房销售面积（1-6月累计）
40,140 万m² 同比-11.6%
房地产开发投资（1-6月累计）
38,074 亿元 同比-18.0%
到位资金（1-6月累计）
40,233 亿元 同比 -20.2%
施工面积（6月末）
550,608 万m² 同比 -12.3%
新开工面积（1-6月累计）
21,613 万m² 同比 -23.4%
竣工面积（1-6月累计）
16,396 万m² 同比 -23.7%
待售面积（6月末）
76,672万m² 同比 -0.4%
核心发现：KEY FINDINGS
1. 销售端量价齐跌：1-6月商品房销售额35,825亿元（-13.6%），销售面积40,140万m²（-11.6%）。住宅降幅最大（-14.2%/-13.0%），办公楼销售额仍维持正增长（+3.7%），但较前期显著收窄。
2. 供给端深度收缩：新开工面积-23.4%，竣工面积-23.7%，施工面积-12.3%。办公楼新开工降幅最深（-38.7%），供给端收缩最为剧烈。
3. 投资端持续承压：2026年1-6月开发投资38,074亿元，同比下降18.0%，降幅较2025全年（-17.4%）进一步扩大。其中住宅投资-17.5%，办公楼-21.5%，商业营业用房-24.3%。
4. 资金面持续紧张：到位资金40,233亿元（-20.2%），国内贷款-31.7%最为严峻。个人按揭贷款-27.1%，定金及预收款-16.6%，房企融资渠道全面收缩。
5. 区域分化明显：东北地区投资降幅最深（-31.7%），西部地区相对韧性（-15.3%）。销售端东部地区占比60.9%（-13.6%），中部降幅最小（-11.5%），东北降幅最大（-24.3%），区域间分化加剧。
01商品房销售额累计数据 · 单位：亿元
2026年1-6月，全国商品房销售额35,825亿元，同比下降13.6%。住宅销售额31,448亿元（-14.2%），办公楼1,304亿元（-2.9%），商业营业用房1,876亿元（-17.3%）。从趋势看，办公楼是唯一在前几个月保持正增长的物业类型，但6月转负；住宅降幅持续扩大。
总额：
住宅
办公楼
商业营业用房
| -6.1% | -5.9% | +9.9% | +5.1% | |||||
| -7.0% | -6.9% | +1.4% | +3.0% | |||||
| -7.9% | -7.3% | +7.8% | +3.5% | |||||
| -8.5% | -7.8% | +7.4% | +2.6% | |||||
| -9.8% | -9.3% | +5.7% | +1.0% | |||||
| -11.7% | -11.3% | +3.4% | -0.9% | |||||
| -13.1% | -13.0% | +9.4% | +3.3% | |||||
| -20.2% | -21.8% | +3.9% | -15.4% | |||||
| -16.7% | -18.5% | +2.4% | -11.6% | |||||
| -14.6% | -15.7% | -1.2% | -15.9% | |||||
| -13.5% | -14.1% | +0.2% | -18.2% | |||||
| -13.6% | -14.2% | -2.9% | -17.3% |
02商品房销售面积累计数据 · 单位：万m²
2026年1-6月，全国商品房销售面积40,140万m²，同比下降11.6%。住宅销售面积33,343万m²（-13.0%），办公楼1,095万m²（+3.7%），商业营业用房2,253万m²（-13.1%）。办公楼销售面积维持正增长，但增速逐月回落。
总额
住宅
办公楼
商业营业用房
| -4.3% | -4.6% | -3.5% | -4.2% | |||||
| -4.8% | -4.7% | -7.6% | -5.1% | |||||
| -5.4% | -5.3% | -5.4% | -6.4% | |||||
| -6.3% | -6.1% | -6.1% | -7.2% | |||||
| -7.6% | -7.6% | -7.4% | -8.6% | |||||
| -9.2% | -9.2% | -8.7% | -9.0% | |||||
| -10.8% | -10.8% | -6.7% | -9.7% | |||||
| -13.5% | -15.9% | +25.3% | -7.4% | |||||
| -10.4% | -13.1% | +19.6% | -6.9% | |||||
| -10.2% | -12.2% | +10.8% | -11.1% | |||||
| -10.8% | -12.1% | +5.9% | -13.8% | |||||
| -11.6% | -13.0% | +3.7% | -13.1% |
03房地产开发投资累计数据 · 单位：亿元
2026年1-6月，全国房地产开发投资38,074亿元，同比下降18.0%。住宅投资29,300亿元（-17.5%），办公楼1,418亿元（-21.5%），商业营业用房2,497亿元（-24.3%）。投资降幅自年初持续扩大，商业营业用房投资降幅最深。
总额
住宅
办公楼
商业营业用房
| -11.2% | -10.8% | -13.0% | -11.2% | |||||
| -11.1% | -10.0% | -11.1% | -11.1% | |||||
| -11.1% | -10.0% | -10.8% | -11.5% | |||||
| -13.9% | -13.0% | -13.9% | -14.0% | |||||
| -15.7% | -14.6% | -15.7% | -15.7% | |||||
| -16.1% | -15.1% | -16.1% | -16.1% | |||||
| -17.4% | -16.5% | -16.0% | -16.5% | |||||
| -11.1% | -10.7% | -17.3% | -18.2% | |||||
| -11.2% | -11.0% | -14.2% | -17.1% | |||||
| -13.7% | -13.1% | -18.3% | -19.5% | |||||
| -16.2% | -15.6% | -19.5% | -22.0% | |||||
| -18.0% | -17.5% | -21.5% | -24.3% |
04到位资金累计数据 · 单位：亿元
2026年1-6月，房地产开发企业到位资金40,233亿元，同比下降20.2%。国内贷款5,802亿元（-31.7%），自筹资金14,500亿元（-14.1%），定金及预收款12,601亿元（-16.6%），个人按揭贷款5,138亿元（-27.1%）。国内贷款降幅最为严峻。
总额
国内贷款
自筹资金
定金及预收款
个人按揭贷款
| -6.2% | +0.5% | -6.9% | -7.6% | -11.8% | ||||||
| -7.0% | -2.8% | +7.4% | -8.6% | -11.5% | ||||||
| -7.6% | -4.5% | -5.8% | -9.4% | -12.7% | ||||||
| -8.1% | -4.7% | -4.7% | -10.1% | -13.7% | ||||||
| -8.4% | -5.0% | -4.6% | -9.9% | -12.6% | ||||||
| -8.8% | -5.1% | -4.6% | -10.4% | -11.4% | ||||||
| -7.9% | -4.8% | -3.9% | -7.0% | -9.5% | ||||||
| -16.5% | -13.9% | -5.9% | -21.5% | -41.9% | ||||||
| -17.3% | -23.7% | -5.3% | -20.1% | -34.6% | ||||||
| -18.4% | -25.9% | -10.5% | -17.6% | -31.7% | ||||||
| -19.0% | -28.7% | -13.0% | -16.1% | -28.0% | ||||||
| -20.2% | -31.7% | -14.1% | -16.6% | -27.1% |
05施工面积月末数据 · 单位：万m²
2026年6月末，房屋施工面积550,608万m²，同比下降12.3%。住宅382,268万m²（-12.6%），办公楼24,154万m²（-10.6%），商业营业用房48,010万m²（-12.6%）。施工面积为月末存量数据。
总额
住宅
办公楼
商业营业用房
| -9.1% | -9.2% | -9.3% | -9.3% | |||||
| -9.2% | -9.2% | -9.2% | -8.6% | |||||
| -9.3% | -9.2% | -9.1% | -9.2% | |||||
| -9.4% | -9.2% | -9.3% | -9.6% | |||||
| -9.4% | -9.1% | -9.2% | -9.8% | |||||
| -9.4% | -9.0% | -9.1% | -9.9% | |||||
| -9.3% | -8.7% | -9.2% | -9.3% | |||||
| -11.7% | -11.9% | -9.4% | -12.3% | |||||
| -11.7% | -12.1% | -9.3% | -11.9% | |||||
| -12.1% | -12.5% | -10.4% | -12.2% | |||||
| -12.3% | -12.6% | -10.5% | -12.5% | |||||
| -12.3% | -12.6% | -10.6% | -12.6% |
06新开工面积累计数据 · 单位：万m²
2026年1-6月，房屋新开工面积21,613万m²，同比下降23.4%。住宅15,758万m²（-24.1%），办公楼485万m²（-38.7%），商业营业用房1,292万m²（-27.0%）。新开工面积降幅在所有指标中最为显著。
总额
住宅
办公楼
商业营业用房
| -20.1% | -20.1% | -17.8% | -17.2% | |||||
| -19.5% | -19.4% | -17.3% | -16.6% | |||||
| -19.5% | -19.3% | -17.4% | -16.7% | |||||
| -19.0% | -19.0% | -16.9% | -16.1% | |||||
| -19.3% | -19.2% | -16.9% | -16.2% | |||||
| -18.9% | -18.9% | -16.3% | -15.8% | |||||
| -18.3% | -18.4% | -15.5% | -15.4% | |||||
| -23.1% | -23.3% | -22.7% | -29.0% | |||||
| -20.3% | -22.0% | -18.7% | -28.1% | |||||
| -22.0% | -23.6% | -31.3% | -23.8% | |||||
| -22.6% | -23.4% | -35.0% | -25.7% | |||||
| -23.4% | -24.1% | -38.7% | -27.0% |
07竣工面积累计数据 · 单位：万m²
2026年1-6月，房屋竣工面积16,396万m²，同比下降23.7%。住宅11,674万m²（-25.3%），办公楼518万m²（-21.0%），商业营业用房1,110万m²（-28.8%）。竣工降幅持续高位运行。
总额
住宅
办公楼
商业营业用房
| -14.9% | -14.8% | +0.1% | -8.4% | |||||
| -15.5% | -15.2% | -0.7% | -8.9% | |||||
| -15.6% | -15.8% | -0.7% | -9.1% | |||||
| -15.4% | -15.8% | -0.1% | -8.8% | |||||
| -15.0% | -15.4% | +0.4% | -8.6% | |||||
| -14.7% | -15.3% | +1.5% | -8.1% | |||||
| -16.9% | -18.1% | 0.0% | -10.5% | |||||
| -27.9% | -26.9% | -52.4% | -37.4% | |||||
| -25.0% | -26.5% | -28.4% | -31.0% | |||||
| -24.0% | -25.8% | -24.7% | -27.1% | |||||
| -23.4% | -25.0% | -20.1% | -28.5% | |||||
| -23.7% | -25.3% | -21.0% | -28.8% |
08待售面积月末数据 · 单位：万m²
2026年6月末，商品房待售面积76,672万m²，同比下降0.4%。住宅41,312万m²（+0.6%），办公楼5,175万m²（+0.9%），商业营业用房13,535万m²（-5.2%）。待售面积为月末存量数据，已连续4个月同比下降。
总额
住宅
办公楼
商业营业用房
| +4.2% | +5.1% | +2.9% | +2.9% | |||||
| +3.5% | +4.1% | +1.8% | +1.7% | |||||
| +2.9% | +2.6% | +3.3% | +2.2% | |||||
| +3.4% | +3.1% | +2.4% | +1.4% | |||||
| +3.5% | +3.1% | +2.4% | +1.5% | |||||
| +3.5% | +2.9% | +2.3% | +1.1% | |||||
| +1.7% | +1.6% | +3.3% | +0.3% | |||||
| +0.1% | +1.3% | +1.5% | -5.3% | |||||
| -0.1% | +1.4% | +0.4% | -5.8% | |||||
| -0.5% | +1.0% | +0.8% | -6.3% | |||||
| -0.4% | +0.8% | +1.1% | -5.5% | |||||
| -0.4% | +0.6% | +0.9% | -5.2% |
09分地区情况东中西部及东北地区 · 累计数据
2026年1-6月，东部地区开发投资22,720亿元（-18.2%），中部地区7,464亿元（-18.7%），西部地区7,250亿元（-15.3%），东北地区641亿元（-31.7%）。东北地区投资降幅最深，西部地区相对韧性较强。销售端，东部地区销售额23,094亿元（-13.6%），占比60.9%；中部地区7,055亿元（-11.5%），降幅最小；东北地区868亿元（-24.3%），降幅最大。
开发投资
住宅投资
销售额
销售面积
开发投资
| -11.2% | -12.8% | -10.0% | -5.4% | -22.3% | ||||||
| -12.0% | -14.0% | -9.9% | -5.9% | -22.2% | ||||||
| -12.9% | -15.2% | -10.6% | -6.5% | -22.9% | ||||||
| -13.9% | -16.2% | -11.8% | -7.3% | -23.4% | ||||||
| -14.7% | -16.8% | -12.9% | -8.2% | -24.5% | ||||||
| -15.9% | -18.3% | -14.0% | -9.0% | -25.9% | ||||||
| -17.2% | -19.7% | -15.3% | -9.8% | -27.0% | ||||||
| -11.1% | -11.4% | -11.5% | -8.6% | -30.1% | ||||||
| -11.2% | -11.7% | -11.2% | -8.1% | -31.6% | ||||||
| -13.7% | -14.0% | -14.0% | -11.5% | -28.1% | ||||||
| -16.2% | -16.6% | -15.5% | -14.6% | -28.4% | ||||||
| -18.0% | -18.2% | -18.7% | -15.3% | -31.7% |
住宅投资
| -10.4% | -11.9% | -10.9% | -3.0% | -22.5% | ||||||
| -10.9% | -12.7% | -10.7% | -3.7% | -21.6% | ||||||
| -11.9% | -13.8% | -11.6% | -4.3% | -22.8% | ||||||
| -12.9% | -14.8% | -12.8% | -5.7% | -22.9% | ||||||
| -13.8% | -15.5% | -13.9% | -6.8% | -24.0% | ||||||
| -15.0% | -17.0% | -14.9% | -7.7% | -25.4% | ||||||
| -16.3% | -18.4% | -16.1% | -8.5% | -26.4% | ||||||
| -10.7% | -11.2% | -10.3% | -7.8% | -34.2% | ||||||
| -11.0% | -11.8% | -10.1% | -7.6% | -31.1% | ||||||
| -13.1% | -13.6% | -12.5% | -11.1% | -27.1% | ||||||
| -15.6% | -16.4% | -13.8% | -13.9% | -28.2% | ||||||
| -17.8% | -18.7% | -16.6% | -14.8% | -32.3% |
销售额
| -5.5% | -5.8% | -5.8% | -4.3% | -4.5% | ||||||
| -6.5% | -7.1% | -5.8% | -5.0% | -5.9% | ||||||
| -7.3% | -8.1% | -6.1% | -5.8% | -6.2% | ||||||
| -7.9% | -8.9% | -6.0% | -6.5% | -4.9% | ||||||
| -9.6% | -11.0% | -7.3% | -7.4% | -6.7% | ||||||
| -11.1% | -12.6% | -8.4% | -9.1% | -9.2% | ||||||
| -12.6% | -14.4% | -9.8% | -9.6% | -11.2% | ||||||
| -20.2% | -22.5% | -12.2% | -20.5% | -23.0% | ||||||
| -16.7% | -18.2% | -10.1% | -17.5% | -25.1% | ||||||
| -14.6% | -15.4% | -10.0% | -16.0% | -21.3% | ||||||
| -13.5% | -13.8% | -9.8% | -14.9% | -22.0% | ||||||
| -13.6% | -13.6% | -11.5% | -14.1% | -24.3% |
销售面积
| -3.5% | -5.2% | -1.2% | -2.5% | -6.0% | ||||||
| -4.0% | -6.2% | -1.1% | -2.6% | -6.0% | ||||||
| -4.7% | -7.1% | -1.4% | -3.2% | -6.6% | ||||||
| -5.5% | -8.0% | -2.5% | -4.0% | -5.6% | ||||||
| -6.8% | -9.2% | -4.1% | -5.0% | -7.3% | ||||||
| -7.8% | -10.1% | -5.1% | -5.9% | -9.1% | ||||||
| -8.7% | -11.3% | -5.9% | -6.3% | -10.9% | ||||||
| -13.5% | -12.8% | -9.1% | -17.8% | -18.6% | ||||||
| -10.4% | -9.7% | -7.4% | -13.2% | -19.2% | ||||||
| -10.2% | -9.9% | -7.8% | -12.3% | -17.7% | ||||||
| -10.8% | -10.5% | -8.5% | -12.5% | -19.2% | ||||||
| -11.6% | -11.1% | -10.7% | -12.2% | -21.2% |
市场展望
销售端：下半年销售降幅有望边际收窄。一线城市二手房市场率先回暖的传导效应逐步显现，但三四线城市去化压力依然较大。预计全年销售额降幅在-12%至-15%。
供给端：新开工面积可能维持-20%以上降幅，竣工面积在"保交楼"政策推动下降幅有望收窄至-20%左右。办公楼新开工降幅最深（-38.7%），供给端结构性调整加速。
投资端：开发投资降幅可能继续扩大至-19%至-20%区间。房企拿地意愿不足、融资渠道收窄，短期内投资企稳难度较大。关注"白名单"制度推进效果。
资金端：国内贷款降幅（-31.7%）可能继续扩大，个人按揭贷款（-27.1%）受首付比例下调影响有望改善。房企资金压力仍将是行业核心风险点。
政策端："十五五"规划将引导房地产行业从增量开发向存量运营转型。城市更新、保障性住房、租购并举等方向将成为政策发力点。LPR仍有下调空间，限购限贷政策有望进一步松绑。
数据来源：国家统计局
本报告基于公开数据整理，仅供参考
生成日期：2026年7月16日
抛砖引玉，仁者见仁，
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