【新华解读】开年首月一线城市新房价格趋稳、二手房成交活跃 核心韧性凸显

Core Viewpoint - The real estate market in January showed resilience despite being traditionally a low season, driven by effective policies to lower home purchase thresholds and facilitate the "sell old to buy new" chain, thereby boosting demand for new homes [1] New Home Market - In January, new home prices in first-tier cities remained stable month-on-month, with a narrowing year-on-year decline, establishing them as the core anchor for price stability in the national market [2] - Second-tier cities like Hefei showed significant performance, with a month-on-month increase of 0.1% and a year-on-year increase of 1.6% in new home prices, attributed to targeted policies and local economic development [3] Second-Hand Home Market - The second-hand home market displayed positive signals, with the first month of January seeing cities like Yangzhou and Zhanjiang report price increases, indicating a narrowing decline in the price index across 70 cities [4] - In Shanghai, second-hand home transactions reached 22,800 units in January, marking a month-on-month increase of 1.1% and a year-on-year increase of 26.1%, reflecting a high level of market activity [4][5] Policy Impact - The government’s initiative to purchase second-hand homes for affordable rental housing in Shanghai is seen as a significant move to provide liquidity support and stabilize price expectations [5] - The central government and over 40 local governments are collaborating on policies focusing on urban renewal, housing security, and financing optimization, aiming to stabilize the real estate market [6] Market Outlook - The first quarter of 2026 is expected to see continued policy efforts tailored to local conditions, with a focus on demand stimulation and supply management [6] - The active demand in the entry-level housing market in major cities is anticipated to boost the overall market stability and recovery [7]