政策效果继续显现 房地产市场朝止跌回稳迈进

Core Viewpoint - The real estate market in China is showing signs of stabilization due to various policies aimed at promoting recovery, with ongoing efforts needed to maintain this momentum [1][5]. Market Price Trends - In April, the sales prices of new residential properties in first-tier cities remained stable, with slight increases in Beijing (0.1%) and Shanghai (0.5%), while Guangzhou and Shenzhen saw declines of 0.2% and 0.1% respectively [2]. - The second-hand residential property prices in first-tier cities decreased by 0.2% in April, contrasting with a 0.2% increase in March, while second and third-tier cities experienced declines of 0.4% [2]. - Year-on-year, the price declines for new residential properties in first, second, and third-tier cities narrowed by 0.7, 0.5, and 0.3 percentage points respectively [2]. Market Dynamics - The real estate market is in a phase of adjustment, with resilient demand in core cities and some areas experiencing mild price increases, indicating potential for further policy optimization [3]. - First-tier cities like Beijing and Shanghai show signs of support in their real estate markets, while second-tier cities are stable but face declining transaction activity in the second-hand market [3]. - Third-tier cities continue to face downward pressure due to high inventory and insufficient demand release [3]. Sales and Inventory Trends - The sales of new residential properties decreased by 2.8% in the first four months, but the decline rate has narrowed compared to the previous three months [4]. - In 40 key cities, new residential property sales area and sales revenue increased by 0.1% and 2% year-on-year respectively in the same period [4]. - The inventory of unsold properties has decreased, and new construction has shown improvement, with a reduction in the area of unsold properties for two consecutive months [4]. Funding and Future Outlook - In the first four months, the funds available to real estate companies totaled 3.26 trillion yuan, a year-on-year decrease of 4.1%, although domestic loans have shown a positive turn [5]. - The demand for high-quality housing is expected to grow, with significant opportunities in the renovation of old neighborhoods and improvements in real estate construction quality [5]. - The industry is still in a transitional phase, with ongoing efforts required to stimulate rigid and improved housing demand, particularly in regions facing significant de-stocking pressure [5].