【新华解读】政策效果继续显现 4月部分城市交易活跃度有所提升

Core Viewpoint - The real estate market in China is showing signs of stabilization, with April data indicating a halt in price declines and a slight improvement in transaction activity in some first- and second-tier cities [1][5]. Group 1: New Housing Market - From January to April, the sales area of new residential properties decreased by 2.8%, but the decline has narrowed by 0.2 percentage points compared to the previous quarter [2]. - In 40 key cities, the sales area and sales revenue of new residential properties increased by 0.1% and 2% year-on-year, respectively [2]. - In April, the new residential property prices in first-tier cities remained stable, with Beijing and Shanghai experiencing slight increases of 0.1% and 0.5%, while Guangzhou and Shenzhen saw declines of 0.2% and 0.1% [2][3]. Group 2: Second-Hand Housing Market - In April, the second-hand residential property prices in first-tier cities shifted from a 0.2% increase to a 0.2% decrease, with Beijing and Shenzhen experiencing declines of 0.6% and 0.3% [3][4]. - The number of cities with rising second-hand housing prices decreased from 10 in March to 5 in April, indicating volatility in the market [4]. Group 3: Investment and Policy Impact - The inventory of unsold residential properties has decreased, and new construction has shown improvement, with the new construction area from January to April seeing a reduced year-on-year decline of 0.6 percentage points [5]. - Recent financial policies, including lower housing provident fund loan rates and other supportive measures, are expected to positively impact the stability of the real estate market [5]. - The approval of "white list" loans by commercial banks has increased significantly, indicating improved funding sources for real estate companies [5]. Group 4: Market Outlook - The demand for quality housing, including green and smart homes, is expanding, and there are opportunities for upgrading old residential areas [6]. - The real estate market is still undergoing adjustments, with both rigid and improvement demands needing further release [7].