7月中国百城新房价格环比延续上涨，二手房价下跌

Core Insights - In July, new home prices in 100 Chinese cities continued to rise month-on-month, while second-hand home prices experienced a decline [1] - The average price of new residential properties 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] - Conversely, the average price of second-hand homes fell to 13,585 yuan per square meter, with a month-on-month decrease of 0.77% and a year-on-year decrease of 7.32% [1] Real Estate Market Trends - The trend of "price for volume" remains dominant in the second-hand housing market, leading to increased pressure in the short term [1] - In key cities, the real estate market entered a seasonal lull in July, with a decrease in new home transaction volumes, while second-hand transactions maintained some activity [1] - From January to July, the second-hand home transaction volume in Beijing increased by 11% year-on-year, while Shenzhen and Guangzhou saw new home sales rise by 10% and 12% respectively [1] Policy and Market Outlook - The core objective of current real estate policies is to stabilize the market, with expectations for effective implementation of existing policies in the short term [2] - The central urban work conference emphasized urban renewal as a key strategy, suggesting that supporting policies may accelerate in the future [2] - High-quality land auctions in cities like Shanghai and Shenzhen indicate continued interest, suggesting resilience in the core urban real estate market [2]