房地产70城房价数据点评：7月各线城市住宅价格环比继续下滑，二三线降幅大于一线

Investment Rating - The industry investment rating is "Positive" [3] Core Insights - In July 2024, residential prices in 70 major cities continued to decline month-on-month, with the decrease in second and third-tier cities being greater than that in first-tier cities [1][3] - Year-on-year, the decline in second-hand residential prices in first-tier cities was greater than that in second and third-tier cities [2][3] - The month-on-month decline in new residential prices for first-tier cities was -0.5%, while second-tier cities saw a decline of -0.6% and third-tier cities -0.7% [1][3] - The year-on-year decline for new residential prices in first-tier cities was -4.2%, with specific cities like Beijing at -3.3%, Shanghai at 4.4%, Shenzhen at -8%, and Guangzhou at -9.9% [2][3] - The second-hand residential prices in first-tier cities saw a year-on-year decline of -8.8%, with Beijing at -7.2%, Shanghai at -5.6%, Shenzhen at -9.8%, and Guangzhou at -12.4% [2][3] Summary by Sections New Residential Prices - In July 2024, first-tier cities experienced a month-on-month decline of -0.5% in new residential prices, while second-tier cities declined by -0.6% and third-tier cities by -0.7% [1][3] - Year-on-year, first-tier cities saw a decline of -4.2%, second-tier cities -4.8%, and third-tier cities -5.8% [2][3] Second-hand Residential Prices - Month-on-month, first-tier cities' second-hand residential prices declined by -0.5%, second-tier cities by -0.8%, and third-tier cities by -0.8% [2][3] - Year-on-year, first-tier cities experienced a decline of -8.8%, second-tier cities -8.2%, and third-tier cities -8.1% [2][3] Market Dynamics - The report suggests that the suppressed demand from first-tier cities is beginning to drive second-hand transactions, while the "sell old to buy new" demand is lagging [3] - Companies focused on core cities, such as China Resources Land, China Merchants Shekou, and Greentown China, are expected to benefit from the market recovery [3]