Workflow
二手房销售同比连降四周
HUAXI Securities·2025-07-05 12:00
  1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. 2. Core View of the Report The real - estate market shows a mixed performance. Second - hand housing transactions have weakened, with the year - on - year decline of 15 - city second - hand housing transactions continuing for four weeks and the decline rate expanding this week. New housing transactions are still affected by the end - of - quarter push, with the month - on - month increase for three consecutive weeks but the year - on - year still negative. Different cities at various levels also show different trends in second - hand and new housing transactions [1][3]. 3. Summary According to Related Catalogs 3.1 Second - hand Housing Transaction Situation - Overall 15 - city situation: From June 27th to July 3rd, the transaction area of 15 - city second - hand housing was 2.18 million square meters, a month - on - month decline of 9% and a year - on - year decline of 12%, with the decline rate expanding by 8 percentage points [1]. - By city level: - First - tier cities: The weekly transaction area of second - hand housing in first - tier cities increased slightly after six consecutive weeks of decline, with a month - on - month increase of 6% this week. However, it has declined year - on - year for four consecutive weeks, with a 13% decline this week. Among them, Beijing and Shanghai decreased by 13% and 18% respectively year - on - year, while Shenzhen increased by 5% [1]. - Second - tier and third - tier cities: The month - on - month of second - hand housing in second - tier and third - tier cities both changed from increase to decrease, with a decline of 18% and 21% respectively this week. Year - on - year, second - tier and third - tier cities' second - hand housing transactions decreased by 12% and 9% respectively [2]. 3.2 New Housing Transaction Situation - Overall 38 - city situation: This week, the transaction area of 38 - city new housing was 4.56 million square meters, a month - on - month increase of 20% and a year - on - year decline of 17% [3]. - By city level: - First - tier cities: The month - on - month of new housing in first - tier cities increased for three consecutive weeks, with an increase of 34% this week. However, it has declined year - on - year for four consecutive weeks, with a 10% decline this week. Among them, Guangzhou increased by 24% year - on - year, while Shanghai, Beijing, and Shenzhen decreased by 14%, 17%, and 47% respectively [3][4]. - Second - tier and third - tier cities: The month - on - month of new housing in second - tier cities increased for two consecutive weeks, and in third - tier cities for four consecutive weeks, with growth rates of 13% and 18% respectively this week. Year - on - year, second - tier and third - tier cities' new housing transactions decreased by 19% and 22% respectively [4]. 3.3 Key City Observation - First - tier cities: For second - hand housing, the weekly transaction area of Beijing, Shanghai, and Shenzhen increased by 4%, 21%, and 5% respectively month - on - month. For new housing, Beijing, Shanghai, and Guangzhou increased by 77%, 10%, and 44% respectively month - on - month, while Shenzhen decreased by 8% [23]. - Hangzhou and Chengdu: Hangzhou's second - hand and new housing transaction areas decreased by 5% and increased by 150% respectively compared with the previous week. Chengdu's second - hand and new housing transaction areas decreased by 16% and increased by 1% respectively compared with the previous week [25]. 3.4 Housing Price Observation From June 23rd to 29th, the weekly listing prices of second - hand housing in Shanghai and Shenzhen increased by 0.15% and 0.39% respectively month - on - month, while that in Beijing decreased by 0.06%. 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 5.9%, 0.8%, and 4.5% respectively [49].