沪杭顶豪冲破天花板，南宁刚需筑根基！5月楼市分化图谱中的企稳信号

Core Insights - The real estate market is showing signs of stabilization, with new home prices in major cities experiencing a narrowing decline year-on-year, although month-on-month prices are still decreasing [1][2] - Certain hot cities, such as Hangzhou and Shanghai, are witnessing a continuous rise in new home prices, indicating a divergence in market performance [1][2] Market Performance - In May, the total sales area of new residential properties reached 70.53 million square meters, with sales revenue of 705.6 billion yuan, reflecting a month-on-month increase of 10% and 13% respectively [2] - The inventory of unsold residential properties decreased by 7.15 million square meters at the end of May, marking three consecutive months of decline [2] City-Specific Trends - Hangzhou led the new home price increases with a month-on-month rise of 0.8%, while Shanghai followed closely with a 0.7% increase [1][13] - In May, the average price of new homes in Hangzhou surpassed 10,000 yuan per square meter, indicating a recovery in high-quality housing demand [1][2] Policy and Market Outlook - The State Council emphasized the need for policy optimization to stabilize expectations and activate demand in the real estate market [2] - Analysts suggest that the market will continue to see a split, with core cities showing resilience while lower-tier cities may struggle [11][17] Regional Highlights - In Shanghai, the new home price increased by 5.9% year-on-year, driven by the launch of high-end properties [13][15] - South China's Nanning has seen a consistent rise in new home prices for six consecutive months, with a month-on-month increase of 0.4% in May [18][21]