Core Viewpoint - The article discusses the recent positive trends in the real estate markets of major Chinese cities, particularly focusing on the impact of government policies aimed at stabilizing and revitalizing the housing market. The combination of reduced purchasing restrictions, lower mortgage interest burdens, and the introduction of quality housing standards has led to increased activity in the real estate sector, especially in first-tier cities like Beijing, Shanghai, Guangzhou, and Shenzhen [1]. Beijing Real Estate Market - In Beijing, the overall real estate market has remained active in the first half of the year, with new housing transactions reaching 18,085 units, a year-on-year increase of 20.7% [6]. - The average transaction price for new homes in Beijing has risen to 7.8 million yuan, showing significant growth compared to the previous year [5]. - The market is characterized by a clear regional differentiation, with high demand for quality projects in prime locations, particularly in Haidian District, while areas like Fangshan see lower interest and price adjustments [7][8]. Shanghai Real Estate Market - Shanghai's real estate market has shown robust performance, with a 30% year-on-year increase in total housing transactions in the first five months, totaling 1,094 million square meters [12]. - New housing transactions in Shanghai increased by 9% year-on-year, with prices rising by 5.9% in May [12]. - The luxury segment has seen strong demand, with several high-end projects selling out quickly, indicating a healthy appetite for premium properties [12][13]. Guangzhou Real Estate Market - In Guangzhou, the real estate market has experienced a rebound in transaction volume, with a 12.98% year-on-year increase in second-hand housing transactions, totaling 56,613 units in the first half of the year [16][17]. - The market is primarily driven by first-time homebuyers, with a significant portion of transactions occurring in the lower price range, particularly properties priced below 300 million yuan [17]. - The removal of purchase restrictions has contributed to increased interest from external buyers, further stimulating the market [16]. Shenzhen Real Estate Market - Shenzhen's real estate market has also performed well, with a 49.6% year-on-year increase in total transactions, reaching approximately 64,000 units [20]. - The market is characterized by a strong presence of first-time buyers, with nearly two-thirds of purchasers being new entrants [19]. - The demand for high-quality housing has led to a competitive environment, with many projects experiencing rapid sales, while lower-quality offerings face challenges [20][21]. Market Outlook - Analysts expect that the real estate markets in these major cities will continue to stabilize, with potential for further policy support to enhance buyer confidence and stimulate demand [10][22]. - The anticipated seasonal uptick in transactions during the traditional peak periods, combined with ongoing policy adjustments, is likely to sustain market activity in the latter half of the year [22].

研究视点 导语 2025年一季度京沪深杭二手房市场量增价稳，成交同比增17%，高改及豪宅需求回暖，刚需价格止跌，二 手房作为新房先行指标促市场预期修复，加速整体市场回稳。 ◎ 文 / 杨科伟、俞倩倩 2025年一季度市场止跌企稳，事实上，二手房市场作为新房市场"晴雨表"，一方面具有先行指标特征，对政策敏感 度更高；另一方面，二手房价格企稳也有助于稳定新房市场预期。基于二手房市场这一特性，我们选取了北京。上 海、深圳、杭州等短期市场热度较高的城市，分析其二手房成交结构差异化，挂牌量价变化等特征判断刚需、改善 客群入市情况，房价是否已经止跌回稳等，解析当前市场止跌回稳进程。 0 1 京沪深杭一二手房成交同比持增 二手回升表现又好于新房 2025年一季度市场止跌企稳， 对比历年一季度30个典型城市新房和二手房成交总量规模，可以看出2025年基本处 于6年来中值水平，2025年一季度一二手房成交面积达8204万平方米，同比增长17%。为了更好的分析当前市场止 跌回稳进程，我们选取了短期内热度较高的北京、上海、杭州和深圳，一季度一二手房累计同比持增且显著超30城 平均水平。 从一二手住宅成交同比增幅来看，除深圳之外，二 ...

导语 2025年一季度京沪深杭二手房市场量增价稳，成交同比增17%，高改及豪宅需求回暖，刚需价格止跌，二 手房作为新房先行指标促市场预期修复，加速整体市场回稳。 ◎ 文 / 杨科伟、俞倩倩 研究视点 2025年一季度市场止跌企稳，事实上，二手房市场作为新房市场"晴雨表"，一方面具有先行指标特征，对政策敏感 度更高；另一方面，二手房价格企稳也有助于稳定新房市场预期。基于二手房市场这一特性，我们选取了北京。上 海、深圳、杭州等短期市场热度较高的城市，分析其二手房成交结构差异化，挂牌量价变化等特征判断刚需、改善 客群入市情况，房价是否已经止跌回稳等，解析当前市场止跌回稳进程。 0 1 京沪深杭一二手房成交同比持增 二手回升表现又好于新房 2025年一季度市场止跌企稳， 对比历年一季度30个典型城市新房和二手房成交总量规模，可以看出2025年基本处 于6年来中值水平，2025年一季度一二手房成交面积达8204万平方米，同比增长17%。为了更好的分析当前市场止 跌回稳进程，我们选取了短期内热度较高的北京、上海、杭州和深圳，一季度一二手房累计同比持增且显著超30城 平均水平。 从一二手住宅成交同比增幅来看，除深圳之外，二 ...