7月高能级城市房地产价格韧性较强 地方政策频出推升市场热度

Core Insights - The latest data from the National Bureau of Statistics indicates a mixed performance in the real estate market across different city tiers, with core cities showing signs of stabilization while non-core areas continue to adjust [1][2] Group 1: New Housing Prices - In July, new home prices in first-tier cities decreased by 0.2% month-on-month, a reduction in the decline by 0.1 percentage points compared to the previous month [1] - Beijing's new home prices remained stable, while Shanghai saw an increase of 0.3%. Guangzhou and Shenzhen experienced declines of 0.3% and 0.6%, respectively [1] - Second-tier cities saw a month-on-month decrease of 0.4% in new home prices, with the decline expanding by 0.2 percentage points [1] - Third-tier cities also reported a 0.3% decrease in new home prices, with the decline remaining consistent with the previous month [1] Group 2: Second-Hand Housing Prices - In July, second-hand home prices in first-tier cities fell by 1.0%, with the decline widening by 0.3 percentage points from the previous month [1] - The price drops in Beijing, Shanghai, Guangzhou, and Shenzhen were recorded at 1.1%, 0.9%, 1.0%, and 0.9%, respectively [1] - Second and third-tier cities both experienced a 0.5% decrease in second-hand home prices, but the decline was less severe by 0.1 percentage points [1] Group 3: Market Trends and Insights - The real estate market is showing a divergence between core cities, which are stabilizing, and non-core areas that are still adjusting [1] - High-capacity cities exhibit stronger price resilience, while market sentiment is cooling down, particularly in weaker second-tier and third-tier cities facing significant inventory pressure [2] - The search volume for larger homes (over 144m²) has increased significantly, indicating a potential shift towards improvement-driven demand in the market [2] - Recent policy changes, such as the relaxation of purchase restrictions in Beijing, are expected to bring some heat to the market in August [2] - Ongoing initiatives like trade-in programs and easing of housing fund policies aim to facilitate market transactions, though their effectiveness will need further observation [2]