房价降幅收窄、二手房交易量增长！楼市迈向止跌回稳

Core Viewpoint - The real estate market in China is experiencing a trend of stabilization and bottoming out, despite ongoing fluctuations in sales prices and volumes across various cities [1][3][8]. Group 1: Sales Performance - In June, the sales prices of residential properties in 70 major cities showed a month-on-month decline, but the year-on-year decline continued to narrow, with some cities experiencing price increases [1][4]. - For the first half of the year, the sales area of new commercial housing decreased by 3.5% year-on-year, a reduction of 15.5 percentage points compared to the same period last year [1][6]. - The sales amount of commercial housing fell by 5.5% year-on-year, which is a narrowing of 19.5 percentage points compared to the previous year [1][6]. Group 2: Price Trends - The year-on-year decline in new home prices for first-tier cities was 1.4%, a reduction of 0.3 percentage points from the previous month, with Shanghai seeing a price increase of 6.0% [6][4]. - Second and third-tier cities experienced year-on-year price declines of 3.0% and 4.6%, respectively, both of which also showed a narrowing of decline [6][4]. Group 3: Investment and Development - Real estate development investment from January to June decreased by 11.2% year-on-year, with the decline expanding by 0.5 percentage points compared to the previous month [7]. - The funding for real estate development enterprises saw a reduction in decline by 16.4 percentage points compared to the same period last year, indicating some improvement in market funding sources [8][9]. Group 4: Policy and Market Outlook - The government is implementing measures to stabilize the real estate market, with a focus on optimizing existing policies and enhancing their effectiveness [8][9]. - The trend of stabilization in the real estate market is expected to continue, supported by ongoing policy measures and market adjustments [3][8].