2024年9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 mixed performance with new supply increasing while transaction volumes remain uneven, particularly in the second-hand housing sector [5][9] - The recent policy adjustments on September 29, 2024, aimed at lowering purchase thresholds, are expected to stimulate sales, especially for new homes in areas with high inventory [5][10] Summary by Sections New Housing Market - In September 2024, developers launched 29 new projects, an increase of 9 from the previous month, with a supply-demand ratio of 1.30 and an additional inventory of approximately 2.01 million square meters [5] - The proportion of new housing transactions in the 90-120 square meter range decreased by 8%, while properties priced below 5 million yuan saw a 5% increase in transaction share [6][11] Second-Hand Housing Market - The transaction volume for second-hand homes in September was approximately 13,000 units, a 19% decrease month-on-month, with an average price of 37,953 yuan per square meter, reflecting a slight decline of 1% [10] - The new policies are expected to benefit buyers with limited funds, as they include adjustments to down payment ratios and loan interest rates [10] Transaction Structure - The overall transaction structure has shifted downwards, with properties priced below 5 million yuan becoming the main transaction segment, and units under 90 square meters accounting for over two-thirds of transactions [11][14] - Despite a general decline in transaction volumes across various districts, some well-equipped residential areas have seen an increase in sales [14][15] Popular Districts and Projects - The Qingpu New City and Xuhui Fenglin areas have shown significant transaction increases, attributed to improved infrastructure and urban renewal efforts [16][17] - The report highlights that traditional large communities are experiencing high transaction activity, with several neighborhoods in the Pudong New Area making it to the list of popular projects [18][19]