9月重点城市房产经纪行业景气度

Investment Rating - The report indicates a "weak recovery" in the real estate brokerage industry as of September 2025, with a景气度指数 of 49.11, which is still below the neutral line of 50, suggesting ongoing challenges in growth [5][8]. Core Insights - The real estate brokerage industry has shown signs of a "weak recovery" since March 2025, with the景气度指数 gradually increasing from 46.31 in August to 49.11 in September, indicating a slight improvement in market conditions [5][9]. - The increase in the景气度指数 is attributed to a combination of factors including an increase in supply, enhanced activity from brokers, and improved circulation efficiency, which have collectively offset the weakening demand [9][10]. - Despite a decline in demand indicators, such as the房源找房热度 index dropping from 0.53 in August to 0.43 in September, the overall positive factors have outweighed the negative impacts [9][10]. Summary by Sections National Real Estate Brokerage Industry Overview - As of September 2025, the industry continues to experience a "weak recovery" with a景气度指数 of 49.11, indicating a slight upward trend from previous months [5][8]. - The景气度指数 is calculated using various indicators including demand, supply, inventory, broker activity, and circulation efficiency, with values above 50 indicating growth [7][9]. Key Cities Real Estate Brokerage Industry Overview - Among the 46 monitored cities, over 30% have a景气度指数 above 50, with more than 60% showing improvement compared to the previous month, signaling a recovery trend [8][15]. - The report highlights that in September, 15 cities had景气度指数 above 50, with notable increases in cities like 石家庄 (59.20) and 合肥 (56.49) [16][19]. - The report emphasizes that the industry is adopting a strategy of "quality first" to stimulate potential demand, focusing on enhancing service quality and transaction efficiency [19].