Core Insights - In April, new residential sales prices in first-tier cities remained stable, with Beijing and Shanghai experiencing slight increases of 0.1% and 0.5% respectively, while second-tier cities remained flat and third-tier cities saw a decrease of 0.2% [2][4][6] - From January to April, the total sales area of new residential properties nationwide was approximately 283 million square meters, a year-on-year decrease of 2.8%, while sales revenue exceeded 2.7 trillion yuan, down 3.2% year-on-year, indicating a stable trend overall [2][3] - The real estate market is undergoing a phase of adjustment, with core cities showing resilience in demand, and some regions experiencing moderate price increases, suggesting potential opportunities for high-quality development in the sector [3][4] Price Trends - In April, 22 out of 70 cities saw an increase in new residential prices, with Dalian and Shanghai both rising by 0.5%, and cities like Tianjin and Hangzhou increasing by 0.4% [4][6] - Year-on-year, first-tier cities saw a price decline of 2.1%, with only Shanghai showing an increase of 5.9%, while Beijing, Guangzhou, and Shenzhen experienced declines of 5.0%, 6.3%, and 3.0% respectively [7][9] - The second-hand housing market showed a mixed performance, with cities like Shanghai, Chengdu, and Hangzhou demonstrating strong resilience, while the overall number of cities with rising second-hand prices decreased to five in April [9][10] Market Dynamics - The performance of the real estate market is characterized by two types of resilient cities: high-tier cities like Shanghai and Hangzhou, and stable markets that have not experienced significant fluctuations [4][7] - The recent data indicates that the second-hand housing market's recovery needs to be consolidated, with a focus on leveraging various policies to promote price increases in more cities [9][11] - The overall sentiment in the market remains cautiously optimistic, with signs of potential recovery driven by favorable policies and demand upgrades [3][4][7]