地产周速达：二手房挂牌价转跌

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report - The listing prices of second - hand houses in various cities have mostly declined, with the price repair trend failing to continue. The second - hand housing market has rebounded after a continuous three - week decline before the Spring Festival, while the new housing market has continued to contract slightly [2][4]. - The real estate policy focus has shifted from "ensuring the delivery of houses" to "activating the stock and optimizing the supply" [8]. 3. Summary by Relevant Catalogs 3.1 Housing Price Observation - The listing prices of second - hand houses in first - tier, second - tier, and third - tier cities have all declined to varying degrees, with the second - tier cities having the largest decline. The year - on - year decline in second - tier cities is the most significant, and the decline in all three tiers of cities has widened [2]. - In first - tier cities, all cities' listing prices have turned down, with Beijing and Shenzhen experiencing particularly prominent declines. The year - on - year decline in all first - tier cities has further widened [2]. - In second - tier cities, most cities' listing prices have declined. Only Fuzhou has seen an increase, and the number of rising cities has decreased compared to last week. The year - on - year decline in some cities is relatively deep [3]. 3.2 Weekly Market Performance - The second - hand housing market has rebounded after three consecutive weeks of decline before the Spring Festival. The transaction area of second - hand houses in 15 cities has increased by 4% week - on - week, but decreased by 23% year - on - year. Compared with the same period in 2024, the transaction volume has increased significantly by 21% [4]. - The transaction scale of the new housing market has continued to shrink slightly. The transaction area of new houses in 38 cities has decreased by 2% week - on - week, and has declined compared to the same periods in 2025 and 2024 [4]. 3.3 Performance in First - Tier Cities - The transaction of second - hand houses in first - tier cities has increased significantly week - on - week. The total transaction area of second - hand houses in Beijing, Shanghai, and Shenzhen has increased by 12% week - on - week, and has increased by 24% compared with the same period in 2024 [5]. - The transaction of new houses in first - tier cities has declined significantly week - on - week, with internal differentiation. The overall transaction has decreased by 44% week - on - week, and has decreased by 29% compared with the same period in 2024 [5]. 3.4 Performance in Second - and Third - Tier Cities - In second - tier cities, the new housing market has increased significantly week - on - week, while the second - hand housing market has increased slightly. The new housing transaction has increased by 8% week - on - week, and the second - hand housing transaction has increased by 1% week - on - week [7]. - In third - tier cities, the second - hand housing market has shown stronger performance than the new housing market. The second - hand housing transaction has decreased by 7% week - on - week, and the new housing transaction has increased by 41% week - on - week [7]. 3.5 Policy Tracking - The government work report has set the tone for activating the stock and optimizing the supply. The real estate policy focus has shifted from "ensuring the delivery of houses" to "activating the stock, optimizing the supply", including exploring multiple channels to activate the stock of commercial housing and optimizing the supply of affordable housing [8].