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样本城市周度高频数据全追踪:新房和二手房网签面积均同比降幅扩大-20250713
CMS·2025-07-13 09:30

Investment Rating - The report maintains a "Recommended" investment rating for the industry [1] Core Insights - The report highlights a significant year-on-year decline in both new and second-hand housing transaction areas, with the decline rate expanding [2][10] - The report indicates that the overall demand for new and second-hand homes may stabilize due to potential decreases in mortgage rates, which could narrow the gap between net rental returns and mortgage rates [6] - The report emphasizes the importance of urban renewal and the optimization of existing policies to stabilize the real estate market [6] Summary by Sections New Housing Transactions - The year-on-year decline in new housing transaction areas has expanded, with a reported decrease of 24% for sample cities [4] - The decline in new housing transactions is more pronounced in first-tier cities, with a 21% decrease [4][10] Second-Hand Housing Transactions - The year-on-year decline in second-hand housing transaction areas has also expanded, with a reported decrease of 10% for sample cities [4] - First-tier cities have seen a shift to negative growth in second-hand housing transactions, with a 10% decline [4] Market Trends and Indicators - The average number of viewings for second-hand homes in 12 sample cities has decreased by 8.3% month-on-month [5][45] - The liquidity outlook indicates an expansion in macro-level liquidity as of July 2025 [5][49] Land Acquisition - The cumulative land transaction area from January to June 2025 has seen a year-on-year decline of 5%, while the average transaction price has increased by 33% [24] - The report notes a decrease in the proportion of listings with price increases, indicating a potential cooling in market expectations [50] Inventory and Unsold Properties - The report indicates a marginal increase in the unsold inventory cycle for newly acquired and unsold properties compared to April [34] - The unsold inventory cycle for newly constructed properties in first-tier cities has decreased, while it has increased in second and third-tier cities [36]