中指研究：挂牌量持续高位下 “以价换量”持续主导二手房市场

Summary of Key Points Core Viewpoint The real estate market in China shows mixed signals in May, with new home prices experiencing slight increases in first-tier cities while second-hand home prices continue to decline. The rental market also reflects a downward trend, indicating a challenging environment for property sales and rentals. Group 1: New Home Prices - The average price of new homes in 100 cities reached 16,815 yuan per square meter in May, with a month-on-month increase of 0.30% and a year-on-year increase of 2.56% [1] - First-tier cities saw a month-on-month increase of 0.90% in new home prices, with Shanghai leading at 1.47% due to the launch of quality improvement projects [5] - Second-tier cities experienced a slight increase of 0.06%, while third and fourth-tier cities saw a decrease of 0.11% [5] Group 2: Second-Hand Home Prices - The average price of second-hand homes in 100 cities was 13,794 yuan per square meter in May, with a month-on-month decline of 0.71% and a year-on-year decrease of 7.24% [1] - First-tier cities experienced a month-on-month decrease of 0.37%, while second-tier and third/fourth-tier cities saw declines of 0.78% and 0.76%, respectively [5] Group 3: Rental Market - The average rental price in 50 cities was 35.0 yuan per square meter per month in May, reflecting a month-on-month decrease of 0.34% and a year-on-year decrease of 3.44% [2] - The rental market continues to show a seasonal downturn, particularly in key cities [2] Group 4: Policy Environment - Recent financial policies, including a reduction in the reserve requirement ratio and interest rates, aim to stabilize the real estate market and support housing demand [9] - Local governments are implementing measures to enhance property sales management and optimize housing loan policies [10] - The overall macroeconomic policy is increasingly supportive of the real estate sector, with expectations for continued easing in June [10]