Core Viewpoint - The real estate market in China is showing signs of stabilization, with April data indicating a halt in price declines and a slight improvement in transaction activity in some first- and second-tier cities [1][5]. Group 1: New Housing Market - From January to April, the sales area of new residential properties decreased by 2.8%, but the decline has narrowed by 0.2 percentage points compared to the previous quarter [2]. - In 40 key cities, the sales area and sales revenue of new residential properties increased by 0.1% and 2% year-on-year, respectively [2]. - In April, the new residential property prices in first-tier cities remained stable, with Beijing and Shanghai experiencing slight increases of 0.1% and 0.5%, while Guangzhou and Shenzhen saw declines of 0.2% and 0.1% [2][3]. Group 2: Second-Hand Housing Market - In April, the second-hand residential property prices in first-tier cities shifted from a 0.2% increase to a 0.2% decrease, with Beijing and Shenzhen experiencing declines of 0.6% and 0.3% [3][4]. - The number of cities with rising second-hand housing prices decreased from 10 in March to 5 in April, indicating volatility in the market [4]. Group 3: Investment and Policy Impact - The inventory of unsold residential properties has decreased, and new construction has shown improvement, with the new construction area from January to April seeing a reduced year-on-year decline of 0.6 percentage points [5]. - Recent financial policies, including lower housing provident fund loan rates and other supportive measures, are expected to positively impact the stability of the real estate market [5]. - The approval of "white list" loans by commercial banks has increased significantly, indicating improved funding sources for real estate companies [5]. Group 4: Market Outlook - The demand for quality housing, including green and smart homes, is expanding, and there are opportunities for upgrading old residential areas [6]. - The real estate market is still undergoing adjustments, with both rigid and improvement demands needing further release [7].

值得注意的是，上海、大连新房价格环比涨幅全国第一，赣州二手房价环比涨幅居首。 5月19日，国家统计局发布的最新数据显示，4月份，70个大中城市中，一、二线城市新房价格环比持平， 三线城市略有下降，各线城市房价同比降幅均持续收窄。 二手房价同比来看，4月份，一线城市二手房价格同比下降3.2%，降幅比上月收窄0.9个百分点。其中，北京、 上海、广州和深圳分别下降1.0%、0.6%、7.4%和3.7%。二、三线城市二手房价格同比分别下降6.5%和7.4%， 降幅分别收窄0.5个和0.4个百分点。 市场期待更多利好政策出台 对于当前的市场情况，中原地产首席分析师张大伟认为，"小阳春"行情已经过去。整体看，一季度各地房地产 政策不断出台，市场出现"小阳春"行情，但进入4月，政策的边际效应递减，前期积压的购房需求在"小阳 春"期间集中释放后，市场进入短暂的需求真空期。而根据市场惯例，每年3月份处于入学需求和改善购房叠加 的购房时期，成交量处于一年高点，4月份需求开始减少。从数据来看，4月房价上涨城市数量明显减少，特别 的一线城市从之前的全面上涨再次进入整体平稳和下行阶段。 张大伟指出，整体看一线城市出现了政策后的淡季行情 ...

Core Insights - The real estate market in China showed signs of stabilization in April, with new home prices in first and second-tier cities remaining flat, while third-tier cities experienced slight declines [1][5] - Shanghai and Dalian led the nation in new home price increases, while Ganzhou topped the list for second-hand home price growth [1][3] Price Trends - In April, the number of cities with rising new home prices decreased to 22, down from 24 in March, while the number of cities with rising second-hand home prices fell to 5, down from 10 [2] - First-tier cities saw new home prices remain flat, with Beijing and Shanghai increasing by 0.1% and 0.5% respectively, while Guangzhou and Shenzhen decreased by 0.2% and 0.1% [2] - Second-hand home prices in first-tier cities shifted from a 0.2% increase in March to a 0.2% decrease in April, with Shanghai increasing by 0.1% and declines in Beijing and Shenzhen of 0.6% and 0.3% respectively [2] Year-on-Year Comparisons - Year-on-year, new home prices in first-tier cities fell by 2.1%, a reduction in the decline by 0.7 percentage points compared to the previous month, with Shanghai seeing a 5.9% increase [3] - Second-hand home prices in first-tier cities dropped by 3.2% year-on-year, with a decline reduction of 0.9 percentage points, while second and third-tier cities experienced declines of 6.5% and 7.4% respectively [3] Market Outlook - Analysts suggest that the "small spring" market conditions have passed, with a decrease in demand observed in April following a surge in the first quarter [4] - There is an expectation for more favorable policies to stabilize the market, as recent adjustments in public housing fund rates have not sufficiently stimulated buyer interest [4] - The real estate market is still undergoing a transition, with ongoing pressures in certain regions, indicating that further efforts are needed to promote stability [5]