新房成交环比三连增

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The new - home sales volume has bottomed out and stabilized, with three consecutive weeks of month - on - month increases, but the year - on - year growth rate is under pressure due to a high base [1]. - The second - hand home sales volume has been consolidating at a high level for two consecutive weeks, with a relatively stable market [1]. - The performance of different - tier cities varies, with significant differences in new - and second - hand home sales volume and price changes among first - tier, second - tier, and third - tier cities [3][4][5]. 3. Summary by Relevant Catalogs 3.1 Weekly Data - New Homes: In the week of November 21 - 27, the transaction area of new homes in 38 cities reached 2.79 million square meters, a month - on - month increase of 5% (20% last week). The year - on - year decline widened to 35% [1]. - Second - hand Homes: In the week of November 21 - 27, the transaction area of second - hand homes in 15 cities was 2.21 million square meters, a month - on - month increase of 0.3%. The year - on - year decline was 16% [1]. 3.2 Monthly Data - New Homes: From November 1 - 27, the year - on - year decline in new - home sales in 38 cities widened to 33%, compared with a 27% decline in October [2]. - Second - hand Homes: From November 1 - 27, the year - on - year decline in second - hand home sales in 15 cities was 18%, a slight narrowing from the 20% decline in October [2]. 3.3 First - tier City Performance - New Homes: The total month - on - month change in first - tier cities turned from a decline to an increase (+11%), with significant divergence among cities. Shanghai and Guangzhou saw significant increases in sales volume, with month - on - month increases of 32% and 20% respectively, while Beijing and Shenzhen had month - on - month declines of 33% and 28% respectively. The year - on - year decline was 39% this week [3]. - Second - hand Homes: The total month - on - month increase in Beijing, Shanghai, and Shenzhen was 4%. Beijing (+10%) and Shanghai (+3%) performed strongly, while Shenzhen had a decline of 8%. The year - on - year decline reached 15%, with second - hand homes in these three cities at 66% - 79% of the annual high [3]. 3.4 Second - and Third - tier City Performance - New Homes: Second - tier cities saw stable sales, with a 2% month - on - month decline, and the absolute volume was only 52% of the annual high. Third - tier cities showed elasticity, with a 16% month - on - month increase. The year - on - year declines in second - and third - tier cities both widened, to 29% and 38% respectively [4]. - Second - hand Homes: Second - tier cities' month - on - month change turned from a decline to an increase (+2%), and the transaction volume remained around 950,000 square meters. Third - tier cities had a 12% month - on - month decline, but the absolute volume was still 84% of the annual high. The year - on - year decline in second - tier cities continued to narrow [4]. 3.5 Housing Price Observation - Overall: From November 17 - 23, the listing prices of second - hand homes in all tiers of cities continued to be under pressure. First - and third - tier cities had the largest month - on - month declines, at 0.18% - 0.19%, while second - tier cities were relatively resistant to decline, with a slight 0.04% decline. Second - tier cities had a relatively large year - on - year price adjustment of 8.30% [5]. - First - tier Cities: In terms of month - on - month changes, Guangzhou had the largest price adjustment, with a 0.35% decline, followed by Shanghai with a 0.24% decline. Shenzhen and Beijing had relatively mild declines of 0.13% and 0.12% respectively. In terms of year - on - year changes, Guangzhou had the deepest decline of 15.36%, while Shenzhen and Beijing both had declines of around 10%, and Shanghai was relatively strong, with only a 3.55% decline [5]. - Second - tier Cities: Hangzhou, Dalian, and Tianjin had relatively strong month - on - month performance, with increases of 0.20% - 0.47%. In terms of year - on - year changes, Hangzhou had a decline of only 3.96%, while Tianjin and Dalian had year - on - year declines of about 8% - 12%. Fuzhou and Wuhan had relatively weak performance, with month - on - month declines of around 0.25% and relatively large year - on - year declines of 6.15% and 17.22% respectively [5].