国家统计局5月数据发布，上海新房价格同环比逆势上涨，国常会发声“更大力度”引后市期待

Core Insights - The real estate market requires renewed policy support to stabilize and recover [2][9] - In May, housing prices in 70 major cities showed a month-on-month decline, but the year-on-year decline is narrowing [2][4] - The State Council has indicated a stronger commitment to stabilizing the real estate market, signaling potential policy changes [9][10] Price Trends - In May, first-tier cities saw new residential prices decrease by 0.2% month-on-month, with Shanghai increasing by 0.7% while Beijing, Guangzhou, and Shenzhen experienced declines [3][4] - Year-on-year, Shanghai's new residential prices rose by 5.9%, attributed to the launch of high-end properties attracting wealthy buyers [3] - Second and third-tier cities also experienced price declines, with second-tier cities down 0.2% and third-tier cities down 0.3% month-on-month [4] Investment and Sales Data - Real estate development investment in the first five months of the year reached 36,234 billion yuan, a year-on-year decline of 10.7%, with residential investment down 10.0% [6] - New housing starts and completions are also declining, with new starts down 22.8% and completions down 17.3% [6] - New residential sales area decreased by 2.9% year-on-year, with sales revenue down 3.8% [7] Market Sentiment and Future Outlook - The market is still in an adjustment phase, with confidence needing further restoration and supply-demand relationships requiring improvement [6][10] - The State Council's recent meeting emphasized a multi-faceted approach to stabilize expectations, activate demand, and optimize supply [9] - The stock market reacted positively to the government's signals, with significant increases in real estate stocks following the announcement [10]