公积金房贷利率明起下调，“好房子”项目增多……5月一线城市楼市热度有望延续

Core Viewpoint - The real estate market in major cities in China is showing signs of recovery, driven by a series of supportive policies and a high level of transaction volume in April 2023 [1][2]. Group 1: Transaction Volume - In April 2023, major cities like Beijing, Shanghai, Guangzhou, and Shenzhen maintained high transaction volumes for both new and second-hand properties, with Beijing recording nearly 3,137 new homes and approximately 14,066 second-hand homes sold [2]. - Shanghai saw nearly 8,737 new homes sold and over 20,000 second-hand homes sold in the same month [2]. - Shenzhen's second-hand home transactions reached 6,597 units, a year-on-year increase of 33.5%, while new home sales were 2,845 units, up 0.7% [2]. Group 2: Market Trends - Despite strong performance in April, transaction volumes in most cities decreased compared to March, indicating a return to normalcy in the market [3]. - The demand for properties, particularly in the second-hand market, is expected to stabilize, with buyers looking for better pricing and more incentives from policies [3]. Group 3: Policy Impact - The People's Bank of China announced a reduction in the housing provident fund loan interest rate by 0.25 percentage points, effective from May 8, 2025, which is anticipated to stimulate demand among first-time buyers [4]. - The adjustment in loan rates is expected to lower the Loan Prime Rate (LPR) by approximately 0.1 percentage points, further supporting the housing market [4]. Group 4: Market Dynamics - The demand in the real estate market is primarily driven by first-time and upgrading buyers who are sensitive to housing prices and costs [4]. - Various cities are adapting their policies to market changes, such as offering subsidies for home purchases and increasing loan limits for housing provident funds [5]. - The implementation of the national standard "Residential Building Code" is expected to enhance the quality of housing projects, attracting more buyers [5]. Group 5: Future Outlook - The core cities are expected to see new home sales supported by promotional activities from real estate companies and an increase in quality housing supply [5]. - However, market differentiation remains a key theme, with potential fluctuations in second-hand home transactions as demand stabilizes [5].