智通财经APP获悉，中指研究院发布的7月住宅产品月报显示，从成交套数占比变化上看，与2024年同期相比， 2025年1-7月，30个代表城市中，24个城市120平方米以上成交套数占比提升，改善性需求仍是新房市场重要支 撑。分面积段来看，20个城市120-144平方米产品成交套数占比提升，其中上海、南京、长沙、南昌等城市提升 幅度均超4个百分点；20个城市144平方米以上成交套数占比提升，其中合肥、宁波、厦门、无锡等城市提升幅 度较为明显。 数据来源：中指数据CREIS 上海新房成交结构特征 从成交面积结构看，2025年1-7月上海90平以下刚需型产品成交2710套，成交套数占比为9.6%，较2024年同期下 降2.2个百分点。90-200平产品成交约2.4万套，成交套数占比85.0%，较2024年同期提升3.4个百分点。200平以上 产品成交1544套，成交套数占比5.4%，较2024年同期下降1.1个百分点。 从成交总价结构看，500万以下产品成交套数占比29.1%，较2024年同期下降5.1个百分点。500-1000万总价段产 品成交套数占比提升至42.0%。1000万以上产品成交套数占比28.9%，较2 ...

Core Viewpoint - The real estate market is experiencing a downward trend, with first-tier cities seeing a decline in new home prices, leading to a significant drop in consumer confidence [1][4]. Market Overview - In June, new home prices in first-tier cities fell by 0.3% month-on-month, with the decline in prices expanding compared to the previous month [1]. - The overall sentiment towards the real estate market is pessimistic, with many expecting continued price drops [4][5]. Market Dynamics - The previous upward cycle in the real estate market has ended, shifting from a supply-demand imbalance to a situation where supply exceeds demand [5][6]. - The market is becoming more rational, and the likelihood of irrational price drops is decreasing [7]. Policy Support - Government policies are being implemented to stabilize the real estate market, including lowering mortgage rates and easing purchasing qualifications [6][7]. - These measures are intended to halt the decline in prices and provide support to the market [5][6]. City-Specific Trends - Major cities like Beijing and Shanghai are showing signs of recovery, with increases in transaction volumes for both new and second-hand homes [8]. - In contrast, many small and medium-sized cities are facing severe oversupply, leading to continued price adjustments, albeit at a reduced rate compared to previous years [9][11]. Future Demand Trends - As basic housing needs are met, there is expected to be a significant increase in demand for improved housing options [13][14]. - Developers are beginning to focus on high-quality residential projects to cater to the emerging demand for better living conditions [14].

Core Insights - The data from the China Index Academy indicates a shift in the transaction structure of residential properties, with an increase in the proportion of transactions for residential units larger than 120 square meters in 20 out of 30 representative cities from January to April 2025 compared to the same period in 2024, reflecting a release of improvement-driven demand [1] - Cities such as Nanjing, Qingdao, Dongguan, Quanzhou, and Ganzhou saw an increase of over 8 percentage points in the transaction share of residential units larger than 120 square meters [1] - In Beijing, the proportion of transactions for properties priced over 10 million yuan reached 24.9%, an increase of 8.7 percentage points compared to the same period in 2024 [1]

Group 1 - The real estate market in China has shown signs of recovery since 2025, with significant improvements noted during the recent "May Day" holiday due to a series of policy measures [1][7] - In Shanghai, the second-hand housing market was particularly active during the "May Day" holiday, with a year-on-year increase in transaction volume exceeding 40% [2][6] - Data from April 2025 indicates that Shanghai's second-hand housing transactions reached 20,700 units, a 32% increase year-on-year, while cumulative transactions from January to April totaled 78,500 units, up 45% year-on-year [6] Group 2 - In Guangdong, various cities hosted home-buying festivals during the "May Day" holiday, with Shenzhen's event attracting over 100,000 attendees [9] - From May 1 to May 5, Shenzhen recorded 826 new home purchases, with a 23.89% increase in signed contracts compared to the same period in 2024, and 367 second-hand home transactions, marking a 36.96% increase year-on-year [9] - In Huizhou, a home-buying festival featured nearly 100 projects with exclusive time-limited offers, including first-time home loan rates as low as 3.0% [11]