Core Viewpoint - The real estate industry is showing signs of stabilization, with key indicators reflecting a gradual recovery in sales and prices, supported by government policies aimed at boosting demand and optimizing supply [1][22]. Group 1: Real Estate Sales and Prices - In the first five months of 2025, new home sales area reached 35,315 million square meters, a year-on-year decrease of 2.9%, while sales revenue was 34,091 billion yuan, down 3.8% [1]. - In May 2025, the national new residential sales area was 7,053 million square meters, and sales revenue was 7,056 billion yuan, representing month-on-month increases of 10% and 13% respectively [2]. - The average price of new homes in May exceeded 10,000 yuan per square meter, indicating a shift towards higher quality housing [3][4]. Group 2: Inventory and Construction - By the end of May, the area of unsold homes decreased by 7.15 million square meters, marking three consecutive months of decline [3][4]. - From January to May, new construction area was 23,184 million square meters, down 22.8%, with May's new construction area at 5,348 million square meters, a year-on-year decrease of 19% [11]. - The narrow down in new construction is attributed to a focus on high-quality housing, leading to a reduction in overall supply [11]. Group 3: Government Policies and Economic Support - A comprehensive set of financial policies was introduced to stabilize the real estate market, including a 0.5 percentage point reduction in the reserve requirement ratio, expected to provide approximately 1 trillion yuan in long-term liquidity [7]. - The government is actively promoting urban renewal and the construction of quality housing to stimulate demand and support the market's recovery [1][22]. - The central government has initiated measures to optimize existing policies and enhance their effectiveness, aiming to stabilize expectations and activate demand [21][22]. Group 4: Market Trends and Future Outlook - The decline in new home prices is slowing, with first-tier cities experiencing a year-on-year price drop of 1.7%, a reduction of 0.4 percentage points from the previous month [8][9]. - The real estate market is expected to continue its bottoming trend in the second half of 2025, with financial support and urban renewal efforts likely to stabilize prices and transaction volumes [22]. - The industry is entering a new phase characterized by a multi-faceted approach to stabilize the market, with a focus on improving supply quality and addressing inventory issues [21][22].

中国国家统计局新闻发言人、国民经济综合统计司司长付凌晖16日在国务院新闻办公室举行的发布会上 表示，5月份，房地产市场运行总体平稳，商品房库存持续减少。 从市场交易看，在各项稳楼市政策作用下，今年以来，房地产销售基本平稳。1至5月，新建商品房销售 面积和销售额同比分别下降2.9%和3.8%，与1至4月基本持平。部分一线、二线城市市场交易较为活 跃，商品房销售面积和销售额保持增长。从商品房库存看，5月末商品房待售面积比4月末减少715万平 方米，连续三个月减少。5月，70个大中城市房价同比降幅继续收窄。 资讯编辑：周小燕 021-26096760 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 总的看，付凌晖表示，今年以来，随着各项稳定房地产政策加快落实，中国房地产市场继续朝着止跌回 稳的方向迈进，5月份房地产市场运行总体平稳。但也要看到，房地产市场仍在调整过程中，市场信心 还在修复，市场供求关系仍待改善，促进房地产止跌回稳还需要继续努力。 下阶段，他指出，要积极主动适应房地产市场供求关系发生重大变化的现实，持续推动城市更新和危旧 房改造，加大"好房子"建设供应力度，促进 ...

Core Insights - The real estate market requires renewed policy support to stabilize and recover [2][9] - In May, housing prices in 70 major cities showed a month-on-month decline, but the year-on-year decline is narrowing [2][4] - The State Council has indicated a stronger commitment to stabilizing the real estate market, signaling potential policy changes [9][10] Price Trends - In May, first-tier cities saw new residential prices decrease by 0.2% month-on-month, with Shanghai increasing by 0.7% while Beijing, Guangzhou, and Shenzhen experienced declines [3][4] - Year-on-year, Shanghai's new residential prices rose by 5.9%, attributed to the launch of high-end properties attracting wealthy buyers [3] - Second and third-tier cities also experienced price declines, with second-tier cities down 0.2% and third-tier cities down 0.3% month-on-month [4] Investment and Sales Data - Real estate development investment in the first five months of the year reached 36,234 billion yuan, a year-on-year decline of 10.7%, with residential investment down 10.0% [6] - New housing starts and completions are also declining, with new starts down 22.8% and completions down 17.3% [6] - New residential sales area decreased by 2.9% year-on-year, with sales revenue down 3.8% [7] Market Sentiment and Future Outlook - The market is still in an adjustment phase, with confidence needing further restoration and supply-demand relationships requiring improvement [6][10] - The State Council's recent meeting emphasized a multi-faceted approach to stabilize expectations, activate demand, and optimize supply [9] - The stock market reacted positively to the government's signals, with significant increases in real estate stocks following the announcement [10]

新华财经北京6月17日电（记者安娜）70个大中城市房价同比降幅收窄，商品房库存减少，新开工面积 指标改善……国家统计局16日公布的多项5月份房地产市场经济指标出现积极变化。"从5月情况看，房 地产市场运行总体平稳。"国家统计局新闻发言人付凌晖当日在国新办发布会上说。 房价是房地产市场运行的"晴雨表"。 国家统计局发布的数据显示，5月份，各线城市商品住宅销售价格同比降幅继续收窄。其中，一线城市 新建商品住宅销售价格同比下降1.7%，降幅比上月收窄0.4个百分点，上海是一线城市中唯一同比上涨 的城市，涨幅达5.9%；二、三线城市新建商品住宅销售价格同比分别下降3.5%和4.9%，降幅分别收窄 0.4个和0.5个百分点。 二手房方面，5月份，一线城市二手住宅销售价格同比下降2.7%，降幅比上月收窄0.5个百分点，上海同 比下降0.1%，降幅是一线城市中最小的；二、三线城市二手住宅销售价格同比分别下降6.1%和6.9%， 降幅分别收窄0.4和0.5个百分点。 从房价环比来看，据国家统计局城市司首席统计师王中华介绍，5月份，各线城市商品住宅销售价格均 有所下降。其中，一线城市新建商品住宅销售价格环比由上月持平转为下降0 ...

Group 1: Real Estate Market Trends - In May, the sales prices of commercial residential properties in major cities continued to decline month-on-month, but the year-on-year decline narrowed, indicating ongoing market adjustments [1] - First-tier cities saw a month-on-month price decrease of 0.2%, while second-tier cities also decreased by 0.2%, and third-tier cities experienced a 0.3% decline [1] - Year-on-year, first-tier cities' prices fell by 1.7%, second-tier cities by 3.5%, and third-tier cities by 4.9%, with all showing a narrowing of the decline compared to the previous month [1] Group 2: New Initiatives in Real Estate - Chengdu launched the "Chengdu Housing and Urban-Rural Development Real Estate Supermarket," providing a new open platform for housing consumption, integrating policy announcements, project information, and promotional activities [2] - The platform aims to streamline resources and offer one-stop services for homebuyers, potentially lowering purchasing costs and stimulating housing consumption [2] Group 3: Corporate Debt Activities - New City Holdings' application for a 60 billion yuan corporate bond has been accepted by the Shanghai Stock Exchange, indicating market support for the company and potential relief for its funding pressures [3] - Greentown Real Estate announced the timely repayment of its 20 billion yuan medium-term notes, reflecting its strong financial health and ability to meet debt obligations [4] - In contrast, Zhengrong Real Estate's proposal to extend the grace period for its 10 billion yuan bond was not approved, highlighting ongoing debt challenges and the need for effective communication with creditors [5]

● 本报记者熊彦莎 国家统计局6月16日发布数据显示，2025年5月，70个大中城市中，各线城市商品住宅销售价格环比下 降，同比降幅继续收窄。 从市场交易看，在各项稳楼市政策作用下，房地产销售基本平稳。付凌晖表示，1-5月，新建商品房销 售面积和销售额同比分别下降2.9%和3.8%，与1-4月基本持平。部分一线、二线城市市场交易较为活 跃，商品房销售面积和销售额保持增长。 "总的看，促进房地产市场止跌回稳政策持续显效，5月房地产市场运行总体平稳。但也要看到，房地产 市场仍在调整过程中，市场信心还在修复，市场供求关系仍待改善，促进房地产市场止跌回稳还需要继 续努力。"付凌晖说。 付凌晖表示，要积极主动适应房地产市场供求关系发生重大变化的现实，持续推动城市更新和危旧房改 造，加大"好房子"建设供应力度，促进刚性和改善性住房需求释放，积极构建房地产发展新模式，促进 房地产市场平稳健康发展。 国家统计局新闻发言人、国民经济综合统计司司长付凌晖当日在国新办新闻发布会上表示，从5月情况 看，房地产市场运行总体平稳。今年以来，随着各项稳定房地产政策加快落实，房地产市场继续朝着止 跌回稳的方向迈进。 从市场价格看，5月，一、 ...

张大伟 制图 ◎记者 于祥明 国家统计局6月16日发布的最新数据显示，5月70个大中城市中，各线城市商品住宅销售价格均环比下 降，同比降幅继续收窄。其中，一、二、三线城市新建商品住宅销售价格同比降幅比上月分别收窄 0.4、0.4和0.5个百分点；二手住宅销售价格同比降幅分别收窄0.5、0.4和0.5个百分点。 多位业内专家向上海证券报记者表示，在一系列政策助力下，今年以来房地产市场延续修复态势，但房 地产止跌回稳态势仍需进一步巩固，相关优化政策有望进一步出台。 数据显示，5月，一线城市新建商品住宅销售价格同比下降1.7%，降幅比上月收窄0.4个百分点。其中， 上海上涨5.9%，北京、广州和深圳分别下降4.3%、5.8%和2.6%。 与此同时，一线城市新建商品住宅销售价格环比由上月持平转为下降0.2%。其中，上海上涨0.7%，北 京、广州和深圳分别下降0.4%、0.8%和0.4%。二线城市新建商品住宅销售价格环比由上月持平转为下 降0.2%；三线城市新建商品住宅销售价格环比下降0.3%，降幅比上月扩大0.1个百分点。 "总的来看，促进房地产市场止跌回稳的政策持续显效，5月房地产市场运行总体平稳。但也要看到，房 ...

从房价涨幅居前的城市来看，杭州新房价格环比涨幅为0.8%，位居第一；上海涨幅为0.7%，位居第 二；南宁、乌鲁木齐涨幅均为0.4%，并列第三。二手房价环比上涨的城市有3个，无锡涨幅为0.2%，洛 阳和南充涨幅均为0.1%。 付凌晖表示，下阶段，要积极主动适应房地产市场供求关系发生重大变化的现实，持续推动城市更新和 危旧房改造，加大"好房子"建设供应力度，促进刚性和改善性住房需求释放，积极构建房地产发展新模 式，促进房地产市场平稳健康发展。 同比来看，5月份，一线城市新房价格同比下降1.7%，降幅比上月收窄0.4个百分点；二、三线城市同比 分别下降3.5%和4.9%，降幅分别收窄0.4个和0.5个百分点。二手房价同比来看，一线城市二手房价格同 比下降2.7%，降幅比上月收窄0.5个百分点；二、三线城市同比分别下降6.1%和6.9%，降幅分别收窄0.4 个和0.5个百分点。 中原地产首席分析师张大伟认为，今年年初在政策刺激影响下，楼市迎来短暂的"小阳春"，进入4—5 月，随着传统销售旺季热度逐渐褪去，政策的边际效应递减，整体市场房价再现下调现象，特别是二手 房市场"以价换量"仍主导市场，房价普遍下跌。6—8月份是 ...

市场供求关系仍待改善 同比降幅继续收窄 数据显示，5月份，一线城市新建商品住宅销售价格环比由4月份持平转为下降0.2%。其中，上海上涨0.7%，北京、广州和 深圳分别下降0.4%、0.8%和0.4%。二线城市新建商品住宅销售价格环比由4月份持平转为下降0.2%。三线城市新建商品住宅销 售价格环比下降0.3%，降幅比4月份扩大0.1个百分点。 5月份，一线城市二手住宅销售价格环比下降0.7%，降幅比4月份扩大0.5个百分点。其中北京、上海、广州和深圳分别下 降0.8%、0.7%、0.8%和0.5%。二线、三线城市二手住宅销售价格环比均下降0.5%，降幅均扩大0.1个百分点。 58安居客研究院院长张波在接受《证券日报》记者采访时表示，5月份房价虽然呈现出短暂的波折，但市场"止跌回稳"的 大趋势不变，随着政策效果的持续显现及大环境逐步改善，供需两侧信心会稳步得到恢复。预计下半年房地产市场成交量有望 逐渐回升，市场活跃度将有所提高。 张波分析称，新房市场亮点多，上海5月份的新房价格环比上涨0.7%，同比更是上涨5.9%，这得益于上海高端盘的集中入 市，吸引了大量高净值人群关注并带动市场热度提升，拉高了上海新房市场的整 ...

摘要 5 月以来房地产市场数据持续走弱，新开工、投资、竣工面积同比降幅 扩大，但重点城市拿地金额因一线城市高溢价地块成交而结构性回暖。 商品房销售面积和金额同比下降，但环比略有改善，70 大中城市房价指 数同比环比均下降。 6 月高频数据显示市场仍疲软，重点城市新房、二手房成交面积同比下 降，前瞻指标如门店成交套数和带看人数环比减少，表明市场信心仍待 修复，供求关系有待改善。 政策层面强调稳楼市，国常会加大力度推进房地产商直接回款，预示后 续政策可能发生增量变化，稳定市场基本面与向新模式转型并举，需关 注政策稳固和模式转型。 房地产行业基础性制度建设将涉及拿地、销售和房屋养老金制度，现房 销售制度受关注，优质住宅建设纳入城市更新机制，通过城市更新和城 中村改造优化供给。 全国性房地产库存问题需摸底调查，为收储土地和房屋提供数据支持， 提升政策系统性和有效性，放松重点城市限购限贷等行政性限制，稳定 市场预期。 Q&A 最近房地产行业的关注度为何有所提升？ 最近房地产行业的关注度有所提升，主要原因是上周五国常会专门提到了地产 问题，这是过去两年中较为少见的情况。每次国常会单独提及地产后，通常都 会迎来一波政策上的 ...