Workflow
探索内生动力 解码经济活力|政策持续显效 房地产市场运行总体平稳
Sou Hu Cai Jing·2025-07-07 15:23

Core Viewpoint - The real estate market in China is stabilizing due to the implementation of various supportive policies, with a focus on high-quality projects in core cities to maintain a steady new housing market [1][2]. Market Performance - In the first half of the year, both new and second-hand housing transactions increased year-on-year, indicating overall market stability [2]. - The report from the China Index Academy shows that the new housing market in core cities has remained stable since 2025, with a slight weakening in the second quarter compared to the first [2]. - The sales area and sales revenue of newly built commercial housing from January to May decreased by 2.9% and 3.8% year-on-year, respectively, remaining consistent with the previous months [2]. - The price decline of newly built residential properties has continued to narrow, with first-tier, second-tier, and third-tier cities seeing a reduction in price decline by 0.4, 0.4, and 0.5 percentage points respectively in May [2]. Future Outlook - The new housing transaction volume is expected to decline in the third quarter, but the year-on-year decline will narrow due to last year's low base, with a potential increase in the fourth quarter [3]. - There will be a continued divergence between cities, with core first-tier and second-tier cities expected to stabilize and recover, particularly with the introduction of new residential projects [3]. Policy Measures - Various cities have implemented targeted policies to stabilize the real estate market, with Guangdong and Zhejiang provinces actively promoting housing consumption and financing mechanisms [4]. - Xi'an has introduced measures to promote the development of both new and second-hand housing markets, including tax incentives and streamlined property transactions [6]. - The Ministry of Housing and Urban-Rural Development emphasizes the importance of local governments taking responsibility and implementing effective policies to maintain market stability [6]. Housing Fund Policy Adjustments - Many regions have optimized housing provident fund policies to expand usage and facilitate home purchases, such as allowing fund withdrawals for second-hand home down payments [7]. - The adjustments aim to enhance liquidity for homebuyers, thereby stimulating housing demand and market activity [7][8]. Overall Market Sentiment - The National Bureau of Statistics indicates that while policies to stabilize the real estate market are showing positive effects, the market is still in an adjustment phase, requiring ongoing efforts to improve market confidence and supply-demand relationships [8].