国家统计局7月数据发布，一线城市房价环比继续下降，业内称要关注二手房挂牌量

Core Insights - The real estate market in China continues to experience a downward trend in housing prices, with significant declines in both new and second-hand residential properties across various city tiers [1][2][4] Price Trends - In July, the sales prices of new residential properties in first-tier cities decreased by 0.2% month-on-month, with Beijing remaining stable and Shanghai increasing by 0.3%, while Guangzhou and Shenzhen saw declines of 0.3% and 0.6% respectively [2] - Second-hand residential properties in first-tier cities experienced a month-on-month decline of 1.0%, with all major cities reporting decreases [2][3] - Year-on-year, new residential property prices in first-tier cities fell by 1.1%, with Shanghai showing a notable increase of 6.1% [2][3] Investment and Sales Data - From January to July, real estate development investment totaled 535.8 billion yuan, reflecting a year-on-year decrease of 12.0%, with the decline rate widening by 0.8 percentage points [4] - The area of new residential property sales from January to July was 51.56 million square meters, down 4.0% year-on-year, while sales revenue decreased by 6.5% to 495.66 billion yuan [4] Market Dynamics - The large volume of second-hand property listings poses a challenge to improving the supply-demand relationship in the real estate market [1][3] - The market is expected to see continued differentiation between cities, with first-tier cities maintaining some resilience due to favorable policy expectations [1][5] Policy and Future Outlook - Recent policy adjustments in Beijing, including reduced purchase restrictions and increased support for public housing loans, may influence other cities like Shanghai and Shenzhen to follow suit [5] - The core goal of real estate policy remains to stabilize the market, with potential interest rate cuts and other measures aimed at stimulating demand and optimizing supply [6]