房地产行业春节楼市观察—中西部：成都市场韧性突出，多地底部企稳态势渐显

Investment Rating - The report indicates a positive outlook for the real estate market in the central and western regions, particularly highlighting the resilience of the Chengdu market and signs of stabilization in various cities [3][4][7]. Core Insights - The report emphasizes that after two years of significant adjustments in the real estate market, homebuyers have become more rational in their purchasing decisions. The Spring Festival of 2024 serves as a critical observation point for the effects of newly implemented policies [3][4]. - Chengdu is noted for its market resilience, with a significant increase in second-hand housing transactions, reflecting a shift in buyer preferences due to high new home prices [3][6]. - The report outlines a trend of improving market conditions across various cities, with specific mentions of policy optimizations in places like Xi'an and Wuhan, which are aimed at stabilizing the market and enhancing buyer confidence [9][10][12]. Summary by Relevant Sections Chengdu Market - Chengdu's new home market shows a notable increase in the average unit size, with a shift towards second-hand homes due to high prices in core areas. The number of second-hand home transactions has significantly outpaced new home sales, with 2023 seeing a 1.5 times increase in second-hand transactions compared to new homes [3][6]. - The market is entering a positive cycle, driven by population support and the segmentation of demand between new and second-hand homes [6]. Chongqing Market - Chongqing's real estate market has stabilized, with a slight increase in transaction volume in 2023. The city has implemented various policies to support homebuyers, particularly focusing on returning residents during the Spring Festival [7][9]. - The center city saw a 4.9% year-on-year increase in transaction volume, while surrounding districts accounted for 60% of the total market transactions [7]. Xi'an Market - Xi'an has seen a rise in improvement housing demand, with policies aimed at easing restrictions on purchases and loans. The city is actively working to stimulate the market through land supply and policy support [10][12]. - The introduction of quality land parcels is expected to enhance market stability and attract further investment [10]. Wuhan Market - Wuhan's real estate market is gradually recovering, with second-hand home transactions surpassing new home sales for the first time. The city has implemented supportive policies to encourage market health [12][13]. - The market is characterized by a cautious buyer sentiment, with a focus on quality and pricing [12]. Zhengzhou Market - Zhengzhou's market is experiencing significant internal differentiation, with a slight increase in new home transactions in 2023. However, the overall sentiment remains low, with a preference for second-hand homes among first-time buyers [15][16]. - Innovative marketing strategies are being adopted to attract buyers, particularly targeting returning residents [15]. Nanchang Market - Nanchang's market is witnessing a shift towards improvement housing demand, with government policies facilitating lower mortgage rates and subsidies. However, buyer sentiment has become more cautious as government subsidies approach expiration [16][18]. - The balance between new and second-hand home transactions is becoming more equal, reflecting changing buyer preferences [16]. Xiangyang Market - Xiangyang's market is showing signs of stability, with increased government subsidies and promotional activities aimed at boosting sales. The market is expected to maintain a steady performance in 2024 [19].