7月份各线城市商品住宅销售价格环比下降

Core Insights - The real estate market in China is showing signs of stabilization in core cities while continuing to adjust in non-core areas, as indicated by the July housing price data [1][2] Group 1: Housing Price Trends - In July, new residential sales prices in first-tier cities decreased by 0.2% month-on-month, a slight improvement from the 0.3% decline in June [1] - Year-on-year, new residential sales prices in first-tier cities fell by 1.1%, but the decline was less severe than in June, which saw a 0.3% drop [2] - Second-tier cities experienced a month-on-month price decline of 0.4%, with the decline expanding by 0.2 percentage points compared to June [1] Group 2: Market Demand and Policy Impact - The demand for second-hand homes is weakening, as indicated by a decrease in search activity and longer listing durations, reflecting ongoing market fatigue [2] - Recent policy changes, such as the easing of purchase restrictions in Beijing, are expected to boost market activity in August, although the effectiveness of these policies remains to be seen [3] - The focus of real estate policy is on stabilizing the market, with an emphasis on urban renewal and effective implementation of existing policies [2][3] Group 3: Market Outlook - The traditional off-peak season from July to August has led to a seasonal decline in market transactions, but high-quality land auctions in core cities are maintaining market interest [3] - The real estate market is expected to show resilience in core cities due to policy improvements and strong fundamentals, although regional disparities are likely to persist [3]