1月70城房价出炉：新房5城环比上涨 ，二手房现积极信号

Core Viewpoint - The real estate market in China is experiencing structural adjustments, with signs of stabilization and recovery, particularly in the second-hand housing market, while new housing prices continue to face downward pressure [4][5]. Group 1: New Housing Market - In January, new residential property prices in first-tier cities decreased by 0.3% month-on-month, with Shanghai remaining stable, while Beijing, Guangzhou, and Shenzhen saw declines of 0.3%, 0.6%, and 0.4% respectively [2]. - Year-on-year, new housing prices in first-tier cities fell by 2.1%, with Shanghai showing a 4.2% increase, while Beijing, Guangzhou, and Shenzhen experienced declines of 2.4%, 5.3%, and 4.9% respectively [2]. - The number of cities with rising new housing prices decreased from 6 to 5, indicating a continued adjustment in the new housing market [4]. Group 2: Second-hand Housing Market - In January, second-hand housing prices in first-tier cities decreased by 0.5% month-on-month, with declines in Beijing, Shanghai, Guangzhou, and Shenzhen of 0.2%, 0.4%, 0.7%, and 0.6% respectively [2]. - Year-on-year, second-hand housing prices in first-tier cities fell by 7.6%, with Beijing, Shanghai, Guangzhou, and Shenzhen experiencing declines of 8.7%, 6.8%, 8.3%, and 6.5% respectively [3]. - Two positive signals were noted in the second-hand housing market: the first increase in prices after months of decline and a noticeable narrowing of price drops across 70 cities, indicating a potential turning point [4]. Group 3: Market Outlook and Policy - The overall real estate market is transitioning towards stabilization, with signs of demand resilience and positive signals in the circulation of properties [5]. - The new housing market is showing disparities, with first-tier cities maintaining stability in prices while new first-tier and second-tier cities experience slight fluctuations [5]. - The real estate policy direction is expected to remain focused on stabilizing the market and expectations, with an emphasis on long-term effects and targeted measures [5].