地产周速达：6月二手房销售再下台阶

1. Report industry investment rating No relevant content provided. 2. Core view of the report The real - estate market shows a mixed performance in June 2025. Second - hand housing transactions have a slight month - on - month increase but a continuous year - on - year weakening trend. New housing transactions have a month - on - month rebound mainly due to the end - of - month and end - of - quarter push - sales effect, but the year - on - year performance remains weak [1][2]. 3. Summary according to relevant content Second - hand housing transactions - This week (June 20 - 26), the transaction area of second - hand housing in 15 cities was 2.4 million square meters, a 3% month - on - month increase and a 4% year - on - year decline. From a monthly perspective, the cumulative year - on - year decline since early June was 1%, while it increased by 4%, 20%, and 38% in May, April, and March respectively [1]. - In terms of city tiers, the weekly transaction area of second - hand housing in first - tier cities has declined for six consecutive weeks, with a 1% week - on - week decline this week. In second - and third - tier cities, it has increased for the third consecutive week, with week - on - week growth rates of 3% and 12% respectively [1][2]. - In key first - tier cities, in the second - hand housing market from June 20 - 26, the weekly transaction area of Beijing, Shanghai, and Shenzhen decreased by 1% week - on - week. Shenzhen and Shanghai decreased by 8% and 3% respectively, while Beijing increased by 5%. Year - on - year, Shanghai and Shenzhen decreased by 23% and 2% respectively in the weekly comparison, and Beijing increased by 4%. From a monthly perspective (June 1 - 26), Beijing and Shenzhen increased by 8% and 11% respectively, while Shanghai decreased by 19% [24]. New housing transactions - This week, the transaction area of new housing in 38 cities was 3.81 million square meters, a 41% month - on - month increase and a 10% year - on - year decline. The month - on - month rebound was mainly due to the end - of - month and end - of - quarter push - sales effect [2]. - In terms of city tiers, the new housing transaction area in first - tier cities increased by 53% week - on - week, with all of Beijing, Shanghai, Guangzhou, and Shenzhen showing growth, with growth rates of 32%, 84%, 47%, and 1% respectively. In second - tier cities, the decline turned into an increase, with a 52% week - on - week growth rate, and in third - tier cities, it increased for the third consecutive week, with a 16% week - on - week growth rate [3][4]. - In key first - tier cities, from June 20 - 26, the weekly new housing transaction area increased by 53% week - on - week. Year - on - week, Beijing and Shanghai increased by 2% and 11% respectively, while Shenzhen and Guangzhou decreased by 39% and 8% respectively. From a monthly perspective (June 1 - 26), Beijing and Shanghai increased by 4% and 10% respectively, while Shenzhen and Guangzhou decreased by 30% and 16% respectively [24][25]. Housing price observation - From June 16 - 22, the weekly listing prices of second - hand housing in Shanghai and Shenzhen increased by 0.19% and 0.07% respectively month - on - month, while that in Beijing decreased by 0.22%. Compared with the week before the "924" policy last year, the second - hand housing listing prices in Beijing, Shanghai, and Shenzhen all decreased, with declines of 5.8%, 1.0%, and 4.9% respectively [53].