7月二手房同比降幅扩大

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The real - estate market shows a mixed performance in July 2025. Both second - hand and new home sales have different trends in terms of month - on - month and year - on - year changes, with significant variations among different city tiers [1][3]. 3. Summary by Content Second - hand Housing - Overall Performance: In the week of July 11 - 17, the second - hand housing transaction area in 15 cities increased by 2% month - on - month after two consecutive weeks of decline, but decreased by 3% year - on - year. From July 1 - 17, the cumulative year - on - year decline was 5%, slightly larger than the 3% decline in June [1]. - City - tier Analysis: First - tier cities' second - hand housing transaction area increased by 2% month - on - month but decreased by 9% year - on - year. Second - tier cities' transaction area increased by 11% month - on - month and 2% year - on - year. Third - tier cities' transaction area decreased by 17% month - on - month and 4% year - on - year [2]. New Housing - Overall Performance: In the week of July 11 - 17, the new housing transaction area in 38 cities decreased by 6% month - on - month and 14% year - on - year, with a cumulative year - on - year decline of 20% from July 1 - 17, weaker than previous months [3]. - City - tier Analysis: First - tier cities' new housing transaction area decreased by 24% month - on - month and 23% year - on - year. Second - tier cities' transaction area decreased by 1% month - on - month and 9% year - on - year. Third - tier cities' transaction area increased by 14% month - on - month but decreased by 10% year - on - year [3][4]. Key City Observation - First - tier Cities: In the week of July 11 - 17, first - tier cities' second - hand housing transaction area increased by 2% month - on - month but decreased by 9% year - on - year; new housing transaction area decreased by 24% month - on - month and 23% year - on - year. There were significant differences among Beijing, Shanghai, Guangzhou, and Shenzhen in terms of month - on - month and year - on - year changes [26]. - Other Key Cities: In Hangzhou, second - hand housing transaction area increased by 2% week - on - week, while new housing transaction area decreased by 44%. In Chengdu, second - hand housing transaction area increased by 5% week - on - week, and new housing transaction area decreased by 11% [28]. Housing Price Observation In the week of July 7 - 13, the second - hand housing listing prices in Shanghai increased by 0.46% month - on - month, while those in Beijing and Shenzhen decreased by 0.29% and 0.77% respectively. Compared with the week before the "924" policy last year, the second - hand housing listing prices in all three cities decreased [55].