房地产：2024年5月上海市住宅价格发布

Investment Rating - The report indicates a downward trend in the average price of residential properties in Shanghai, with a current average of 57,124 RMB/square meter, reflecting a month-on-month decrease of 1.06% and a year-on-year decrease of 12.88% [1]. Core Insights - The average price of existing residential properties in Shanghai continues to decline, with a total transaction amount of 25.3 billion RMB from the first batch of residential land supply in April 2024, indicating a focus on improving living quality and supporting diverse housing needs [3]. - In April 2024, approximately 18,000 second-hand homes were sold, with an estimated 16,000 being existing residential units, showing a slowdown in transaction activity compared to March [5]. - The overall market confidence remains low, and the future market direction is influenced by various uncertainties, although the rate of price decline has started to narrow [5][9]. Summary by Sections - Price Trends: As of May 1, 2024, the average base price continues to decline, but the rate of year-on-year decline has slowed. Most districts show a price drop of 0% to -1%, with nearly 60% of districts falling within this range [6][9]. - Market Dynamics: The first batch of residential land supply in April 2024 was completed with an average premium rate of about 7%, indicating sustained interest in well-located and mature districts [3]. - Segment Analysis: Prices in various segments are generally lower than the same period last year, with premium locations like Huangpu Riverside starting to show price flexibility due to extended absorption periods and reduced demand for school districts [7].