2025年07月中国房地产销售数据点评：销售操盘金额环比下降，市场延续企稳走势

Investment Rating - The report maintains a "Neutral" rating for the real estate industry, indicating a relative performance within -5% to 5% compared to the benchmark index [7]. Core Insights - In July 2025, the top 100 real estate companies in China achieved a sales turnover of 211.6 billion yuan, representing a year-on-year decrease of 24.3% and a month-on-month decrease of 37.7% [1]. - The overall real estate market in China has shown signs of stabilization from January to July 2025, with the cumulative sales turnover for the top 100 companies reaching 211.6 billion yuan [1]. - The sales threshold for the top 20 real estate companies has slightly decreased, with varying sales scale changes among different tiers of companies [1]. Summary by Sections Sales Performance - The sales turnover for the top 100 real estate companies in July 2025 was 211.6 billion yuan, down 24.3% year-on-year and 37.7% month-on-month [1]. - The cumulative sales for the top 100 companies from January to July 2025 was 211.6 billion yuan, indicating a continued trend of stabilization in the market [1]. Market Trends - The report anticipates that new home transaction volumes in August may continue to fluctuate at low levels, with increasing differentiation between cities and projects [4]. - Core first and second-tier cities may experience a temporary decline in market activity due to a lack of quality supply and previous demand surges, unless favorable policies are introduced [4]. - Some second-tier cities, such as Tianjin, Wuhan, and Nanjing, may see a phase of recovery, particularly with the introduction of new housing regulations and products [4].