7月百城二手房价格延续下行态势

Core Insights - The real estate market in China is experiencing mixed trends, with new residential prices showing slight increases in core cities while second-hand housing prices are declining [1][3][5]. New Residential Market - In July, the average price of new residential properties in 100 cities was 16,877 yuan per square meter, reflecting a month-on-month increase of 0.18% and a year-on-year increase of 2.64% [1]. - First-tier cities saw a month-on-month price increase of 0.36%, while second-tier cities experienced a 0.23% increase, driven by quality improvement projects [3]. - Third and fourth-tier cities, however, faced a month-on-month price decline of 0.19% [3]. Second-Hand Residential Market - The average price of second-hand residential properties in July was 13,585 yuan per square meter, showing a month-on-month decrease of 0.77% and a year-on-year decrease of 7.32% [1]. - First-tier cities experienced a month-on-month price drop of 0.61%, while second-tier and third/fourth-tier cities saw declines of 0.84% and 0.77%, respectively [3][11]. Rental Market - The average rental price in 50 key cities was 34.93 yuan per square meter per month, with a month-on-month decrease of 0.07% and a year-on-year decrease of 3.81% [1]. - Rental demand during the graduation season provided some support, but overall rental prices are still under pressure [1][13]. Policy and Market Outlook - The central government is focusing on implementing policies to stabilize the real estate market, including urban renewal and housing rental regulations [4][5]. - The recent Central Urban Work Conference emphasized the transition from rapid urbanization to stable development, aiming to improve existing urban areas rather than expanding [4]. - Local governments are also taking measures to optimize housing policies, such as canceling housing sales restrictions and enhancing public housing fund access [4][5]. Market Trends - The market is expected to maintain some resilience in core cities due to strong fundamentals, although disparities between different cities and regions are likely to persist [8].