上海楼市新政满月观察：政策暖风下，“金九银十”回暖初显，结构性分化持续

Core Viewpoint - The new real estate policy in Shanghai, referred to as the "8.25 New Policy," aims to stimulate the housing market by relaxing purchase restrictions and optimizing the purchasing environment, with a focus on boosting domestic demand and consumption [1][15]. Policy Changes - The new policy cancels purchase restrictions for families meeting certain criteria in areas outside the outer ring of Shanghai, allowing for unlimited purchases in these regions [1][2]. - The policy includes measures such as lowering down payment ratios, increasing public housing loan limits, and easing commercial loan conditions [1][2]. - The policy is designed to inject confidence into the market and promote a stabilization of housing prices ahead of the traditional peak sales season in September and October [1][15]. Market Response - Following the implementation of the new policy, the new housing market in Shanghai saw a significant increase in transactions, with a weekly sales volume rising over 30% in the first week [3][11]. - In the first month after the policy was enacted, new home sales increased by 19% compared to the previous month, although they were still down 2.5% year-on-year, indicating a narrowing decline [3][5]. - The proportion of new home sales in areas outside the outer ring reached 73.45%, marking a significant increase and reflecting the policy's impact on market dynamics [6][15]. Second-Hand Housing Market - The second-hand housing market experienced a shift in seller attitudes, with an increase in negotiation space, indicating ongoing price negotiations between buyers and sellers [9][11]. - In the first week after the policy, second-hand home transactions rose by 8.5%, but there was a subsequent decline, suggesting that market confidence is still recovering [11][13]. - The relaxation of purchase restrictions in outer ring areas has activated the second-hand market, with increased transaction activity among first-time and upgrading buyers [13][15].