2025年2月中国房地产研报：二手房价止跌回稳，核心城市超六成高端小区涨价

Investment Rating - The report indicates a positive outlook for the real estate industry, particularly in the second-hand housing market, with signs of recovery and price stabilization in key cities [6][17]. Core Insights - The second-hand housing prices have stopped declining and are stabilizing, with over 60% of high-end communities in core cities experiencing price increases [5][6]. - In January 2025, 49.48% of monitored second-hand housing communities saw price increases month-on-month, marking a 1.18 percentage point rise from the previous month [6][7]. - The average bargaining space in typical cities has narrowed to 18.1%, indicating a trend where transaction prices are increasingly aligning with listing prices, reflecting stronger seller confidence [13][15]. - The demand for improved and high-end properties is driving price increases, with 58.04% of improved communities and 65.85% of high-end communities reporting price rises in January [15][17]. - The "old-for-new" policy is enhancing the second-hand market's recovery, facilitating smoother transactions and contributing to a broader market stabilization [18]. Summary by Sections Second-hand Housing Market Performance - The second-hand housing market is showing signs of recovery, with a notable increase in transaction volumes and price stabilization in major cities [6][9]. - In January, cities like Suzhou and Xi'an reported over 50% of communities with rising prices, with Suzhou reaching 84.51% [9][10]. Price Trends and Seller Confidence - The proportion of communities with rising listing prices has increased to 42.28%, reflecting a growing seller confidence [7][10]. - The average bargaining space has decreased, with some cities like Nanjing and Suzhou seeing transaction prices exceed listing prices, indicating a competitive market for quality properties [13][15]. Market Segmentation - Improved communities are leading in price increases, while high-end properties are also rebounding significantly, with a notable absence of bargaining space in some cases [15][16]. - The market is showing differentiated recovery, with stable pricing in the first-time buyer segment but greater volatility in high-end properties [17][18].