房地产行业2024年4月70个大中城市房价数据点评：70城房价环比创下九年多来最大跌幅；刚需产品房价下行压力较大

Investment Rating - The report rates the real estate industry as "Outperforming the Market" [13] Core Viewpoints - In April 2024, the average new home price in 70 major cities decreased by 0.6% month-on-month, marking the largest monthly decline since December 2014. The average price of second-hand homes fell by 0.9%, also the largest decline since October 2014. This indicates increasing downward pressure on overall housing prices [1][5] - The report highlights that the current housing price decline has lasted for nearly a year, with April's month-on-month decline being the largest in over nine years. The report suggests that the stabilization of the real estate market and buyer expectations may be negatively impacted by the continued decline in investment and sales [1][6] - The report anticipates that the recovery of demand in the real estate sector may take longer than previous cycles due to weak household income and employment expectations, as well as unaltered housing price expectations [1][6] Summary by Sections Price Trends - In April 2024, new home prices in first-tier cities fell by 0.6%, with Beijing experiencing a decline of 0.7% and Shenzhen seeing a drop of 1.0%. Second-hand home prices in first-tier cities decreased by 1.1%, with Beijing and Shenzhen showing significant declines [1][8] - Second-tier cities saw new home prices decrease by 0.5% and second-hand home prices drop by 0.9%. The number of cities with second-hand home price declines exceeding 1% has significantly increased [1][6] - Third-tier cities also experienced price declines, with new home prices down by 0.6% and second-hand home prices down by 0.9% [1][6] Product Segmentation - The report notes that all types of housing products saw price declines in April, with the largest drop in entry-level products (under 90 square meters), which fell by 0.7% for new homes and 1.0% for second-hand homes, marking the largest monthly decline since 2011 [1][6] - Mid-range products (90-144 square meters) saw new home prices decrease by 0.6% and second-hand home prices by 0.9%. High-end products (over 144 square meters) also experienced similar declines [1][6] Investment Recommendations - The report suggests focusing on three main lines: local state-owned enterprises benefiting from inventory reduction, real estate companies with no liquidity risks and solid fundamentals, and real estate brokerage firms benefiting from a recovery in second-hand home transactions [1][6]