新房热度回落、二手房继续小幅回升

Policy Insights - The State Council, led by Premier Li Qiang, emphasized strong measures to stabilize the real estate market and promote urban renewal, including the renovation of urban villages and dilapidated housing [1] - Major cities like Beijing, Guangzhou, Zhuhai, and Chengdu have introduced policies to optimize housing funds and reduce purchase restrictions, reflecting a positive market outlook [1] - Shanghai's new policies include reducing housing purchase limits and optimizing housing fund loans, allowing eligible families to buy unlimited properties outside the outer ring [1][13] New Housing Market Overview - In the week ending August 24, 2025, 30 major cities recorded a total housing transaction area of 162.30 million square meters, a week-on-week increase of 29.48% but a year-on-year decrease of 15.86% [2] - First-tier cities saw a transaction area of 47.73 million square meters, with a week-on-week increase of 2.6% but a year-on-year decrease of 36.6% [2] - Second-tier cities experienced a significant week-on-week increase of 60.0%, while third-tier cities had a modest increase of 12.1% [2] Second-Hand Housing Market Overview - In the week ending August 24, 2025, 15 key cities recorded 24,800 second-hand housing transactions, an increase of 8.84% week-on-week and 3.93% year-on-year [5] - First-tier cities (Beijing, Shanghai, Shenzhen) had 9,386 transactions, reflecting a week-on-week increase of 7.1% and a year-on-year increase of 7.6% [5] - Other cities saw a total of 15,480 transactions, with a week-on-week increase of 9.9% and a year-on-year increase of 1.8% [5] Market Heat and Trends - The new housing market heat index decreased, while the second-hand housing market heat index showed a slight recovery, indicating market stabilization [8] - First-tier cities experienced a decrease in new housing heat by 1.10, while second-hand heat increased by 0.30 [10] - The overall trend suggests a mixed performance across different city tiers, with first-tier cities facing more significant declines in new housing heat compared to second-tier cities [10] City-Specific Transaction Insights - Cities with notable increases in housing transactions include Dalian (+35%), Qingdao (+25%), and Wuhan (+18%), while cities with significant declines include Quanzhou (-65%) and Wenzhou (-58%) [4][7] - The performance of second-hand housing transactions varied, with cities like Foshan (+22%) and Dalian (+7%) showing growth, while Nanjing (-25%) and Qingdao (-19%) faced declines [7] Summary of Recent Policies - Shanghai's new real estate policies aim to reduce purchase limits and optimize housing funds, while Zhuhai and Guangzhou are implementing measures to facilitate the conversion of commercial loans to housing funds [13] - Chengdu has reduced the down payment ratio for affordable housing to 15%, increasing loan limits to support homebuyers [13] - Shenzhen has approved a list of compliant housing development loans to support the completion of existing projects [13]