2月百城二手房价格跌幅继续收窄，房价结束急跌阶段？

Investment Rating - The report indicates a cautious outlook on the real estate market, suggesting that 2026 is a critical year for stabilization after a period of decline [3][12]. Core Insights - In February 2026, the average price of second-hand residential properties in 100 cities decreased by 0.54% month-on-month, with the decline narrowing by 0.31 percentage points compared to the previous month. Year-on-year, the price fell by 8.78% [3][4]. - The average price of new residential properties in February 2026 was 17,107 RMB per square meter, showing a slight month-on-month decrease of 0.04% but a year-on-year increase of 2.37% [3][4]. - The rental market saw a slight decline, with the average rent in 50 cities at 33.96 RMB per square meter per month, down 0.11% month-on-month and 3.79% year-on-year [3][4]. Summary by Sections Second-hand Residential Market - The month-on-month decline in second-hand residential prices across first, second, and third/fourth-tier cities was 0.42%, 0.57%, and 0.54%, respectively, with year-on-year declines of 7.85%, 9.44%, and 8.51% [8]. - A total of 5 cities experienced price increases, while 95 cities saw declines [8]. New Residential Market - In February, first-tier cities saw a 0.07% month-on-month decrease in new residential prices, while second-tier cities experienced a 0.08% increase. Year-on-year, first-tier cities rose by 6.51% and second-tier cities by 1.70% [8]. - 15 cities reported price increases, while 84 cities saw declines, with one city remaining stable [8]. Rental Market - The rental market showed a month-on-month decline of 0.11% in February, with a year-on-year decrease of 3.79% [3][4]. - The report highlights that short-term rental demand increased in some cities due to the Spring Festival, impacting rental prices [3][4]. Policy and Market Outlook - The report emphasizes that February's performance is crucial for the real estate market's trajectory in 2026, with March expected to be a key observation point for market trends [4][12]. - The government is expected to continue focusing on policies aimed at controlling supply and improving housing quality, with a gradual approach to real estate development [10][12].