前4月全国新建商品房销售额超2.7万亿元，上海、大连4月新房价格环比涨幅领跑

Core Insights - The real estate market in China is experiencing a phase of adjustment, with first-tier cities showing resilience in demand while second and third-tier cities face price declines [1][4][9] - New housing sales in the first four months of 2025 have decreased, with a total sales area of 28,262 million square meters, down 2.8% year-on-year, and sales revenue of 27,035 billion yuan, down 3.2% [1][9] - The data indicates a potential for high-quality development in the real estate sector, driven by price adjustments, policy support, and demand upgrades [1][2] Price Trends - In April, new residential prices in first-tier cities remained stable, with Beijing and Shanghai seeing slight increases of 0.1% and 0.5% respectively, while second-tier cities remained flat and third-tier cities saw a 0.2% decline [1][4] - Year-on-year, first-tier cities experienced an average price drop of 2.1%, with Shanghai being the only city to see an increase of 5.9% [4][5] City-Level Analysis - Among the 70 cities, 22 saw price increases in April, with Dalian and Shanghai leading at 0.5% [1][4] - Cities like Hangzhou have shown signs of recovery, with its price index turning from decline to growth, indicating a potential bottoming out [2][4] Market Dynamics - The second-hand housing market is showing mixed results, with only five cities reporting price increases in April, a decrease from previous months [8] - The overall financing environment for real estate companies is improving, with a slight increase in domestic loans and a significant rise in foreign investment [11][15] Construction and Investment - Real estate development investment in the first four months totaled 27,730 billion yuan, down 10.3% year-on-year, but showing signs of stabilization [9][14] - New construction areas have decreased, but the quality of active developers is improving, suggesting a potential for market recovery [15]