二手房同比增速明显放缓

Report Industry Investment Rating No information provided. Core Viewpoints of the Report - The year-on-year growth rate of second-hand housing has significantly slowed down, and the new housing market has also shown a downward trend [1][2]. Summary by Relevant Catalogs Second-hand Housing Market - Overall Performance: In the week of May 9 - 15, the transaction area of 15 cities was 2.45 million square meters, a decrease of about 9.5% compared with the week before the holiday. The year-on-year growth rate also slowed down, with a 3.1% increase this week, significantly lower than 20% in April and 38% in March [1]. - City - Level Analysis: The second - hand housing in first, second, and third - tier cities all declined month - on - month, with first - tier cities having a relatively smaller decline. First, second, and third - tier cities decreased by 6.2%, 11.2%, and 13.6% respectively. Among first - tier cities, Beijing and Shanghai decreased by 12% and 5% respectively, while Shenzhen increased by 6%. Among second - tier cities, Suzhou had a large decline of 27%, and the declines of Qingdao, Xiamen, Chengdu, and Nanning were between 6% - 15%, and Hangzhou remained basically flat [1]. - Year - on - Year Analysis by City Level: This week, first - tier cities increased by 16%, with the growth rate significantly narrowing compared with 45% in March and 31% in April. Second - tier cities decreased by 1%, turning from growth to decline, having grown 36% and 11% in March and April respectively. Third - tier cities decreased by 13%, also turning from growth to decline, having grown 25% and 21% in March and April respectively [2]. New Housing Market - Overall Performance: In the week of May 9 - 15, the transaction area of 38 cities was 2.73 million square meters, a decrease of about 15% compared with the week before the holiday. The year - on - year decline was 12%, similar to the 13% decline in April, and there was a slight 1% increase in March [2]. - City - Level Analysis: The new housing transactions in first, second, and third - tier cities all declined month - on - month, with first - tier cities having a larger decline. First, second, and third - tier cities decreased by 32%, 16%, and 11% respectively. Among first - tier cities, Beijing, Shanghai, and Shenzhen decreased by 28%, 33%, and 34% respectively. Among second - tier cities, Suzhou and Wuhan had large declines of 32% and 33% respectively [2]. - Year - on - Year Analysis by City Level: This week, first - tier cities decreased by 10.5%, with the decline similar to the 12.5% decline in April. Second - tier cities decreased by 22.9%, with the decline significantly expanding compared with the 10.1% decline in April. Third - tier cities decreased by 8.6%, with the decline narrowing compared with the 17.4% decline in April [2]. Key City Observations - Beijing, Shanghai, and Shenzhen: For second - hand housing from May 9 - 15, the weekly transaction area decreased by 6% compared with the week before the holiday. Beijing and Shanghai decreased by 12% and 5% respectively, while Shenzhen increased by 6%. Compared with the high point last year, Shanghai was at 81%, Beijing was at 72%, and Shenzhen was at 64%. For new housing, the weekly transaction area decreased by 32% compared with the week before the holiday, with Beijing, Shanghai, and Shenzhen decreasing by 28%, 33%, and 34% respectively. Compared with the high point last year, they were between 24% - 45% [14]. - Hangzhou: The second - hand housing weekly transaction area remained flat compared with the week before the holiday, and the new housing weekly transaction area decreased by 31%, equivalent to 68% and 18% of the 2024 high point respectively [15]. - Chengdu: The second - hand housing weekly transaction area decreased by 6% compared with the week before the holiday, and the new housing weekly transaction area decreased by 15%, equivalent to 70% and 56% of the 2024 high point respectively [15]. Housing Price Observation - In the week of May 5 - 11, the weekly listing prices of second - hand housing in Beijing and Shenzhen decreased by 0.39% and 0.55% respectively, while that in Shanghai increased by 0.47%. Compared with the week before the "924" policy last year, the second - hand housing listing prices in Beijing, Shanghai, and Shenzhen still decreased, with declines of 4.8%, 0.7%, and 3.2% respectively [39].