房地产行业重点100城房价收入比调查研究报告：2024上半年百城房价收入比跌破11，一线城市降幅扩大

Industry Investment Rating - The report does not explicitly provide an investment rating for the industry [1][2][3] Core Views - The housing price-to-income ratio in 100 key cities dropped to 10.6 in the first half of 2024, a 7.4% decrease compared to 2023, indicating a continued easing of homebuying pressure [1][2] - The average housing price in these cities fell by 4.1% to 14,423 yuan/m², while per capita disposable income increased by 3.5% [2] - The decline in the price-to-income ratio is primarily driven by falling housing prices rather than rapid income growth, which differs from the trend before 2022 [2] City-Level Analysis - In the first half of 2024, the price-to-income ratio declined across all city tiers, with second-tier cities experiencing the largest drop of 8.4% [1][4] - First-tier cities had a price-to-income ratio of 26.3, second-tier cities 11.2, and third- and fourth-tier cities 7.9 [1][4] - Shenzhen had the highest price-to-income ratio at 34.9, while Zhuzhou had the lowest at 4.0 [1][9] Regional Analysis - The Yangtze River Delta region saw the largest decline in price-to-income ratio among the eight major economic zones, dropping by 10% compared to 2023 [6][7] - The Strait Economic Zone maintained the highest price-to-income ratio at 16.2, followed by the Pearl River Delta at 14.5 and the Yangtze River Delta at 11.6 [6][7] - The Northeast, Southwest, Northwest, and Central regions had price-to-income ratios ranging from 7.5 to 8.1, indicating relatively lower homebuying pressure [6][7] Notable City Trends - Among the 100 cities, only 5 saw an increase in their price-to-income ratio, all of which were third- and fourth-tier cities, including Tangshan and Sanya [10][11] - Taizhou experienced the largest decline in price-to-income ratio, dropping by 15.5%, followed by Dongguan and Lianyungang, which both saw declines of over 13% [12] - High price-to-income ratio cities are predominantly located in coastal areas, reflecting stronger economic development and higher purchasing power [8][9]