房地产行业：2024年7月上海住宅买卖市场

Investment Rating - The report does not explicitly provide an investment rating for the Shanghai residential market Core Insights - The Shanghai residential market is experiencing a slowdown in new housing supply and transaction volume, with a supply-demand ratio of 1.32 and a new stock area of approximately 2.23 million square meters as of July 2024 [3] - The number of new projects launched in July decreased to 23, down by 9 from the previous month, indicating a cautious approach from developers [3] - The second-hand housing market saw a significant decline in transactions, with approximately 18,100 units sold in July, a 24% decrease month-on-month, and an average price of 38,769 yuan per square meter, down 3% [5] - The market is characterized by a shift towards larger unit sizes, with 90-150 square meter units gaining popularity among buyers [6] Summary by Sections Part 1: New Commodity Housing - New housing supply is slowing down, with most projects facing significant sales pressure due to competition from the second-hand market and longer delivery times [3] - In July, the majority of new projects launched were located in the outer ring, with only three projects in the central area achieving over 100% subscription rates [3] - The overall transaction structure shows that larger units (300-700 million yuan price range) have seen a notable increase in market share, rising by approximately 11% [4] Part 2: Second-Hand Housing Market - The second-hand housing market is experiencing a decrease in both volume and price, with a notable drop in transactions and a decline in average prices [5] - The proportion of buyers looking for larger units has increased, particularly in the 90-150 square meter range, reflecting a shift in buyer preferences [6] - All districts experienced a decline in transaction volumes, with the outer ring areas performing slightly better than others [7] Popular Areas and Projects - The report highlights the top ten districts with increased transaction volumes, with the Zhu Jing area in Jinshan showing a 10.34% increase [8] - Popular projects are primarily located in the outer ring, with a notable increase in the number of active listings in districts like Minhang and Chongming [10][11]