Market Share - The proportion of second-hand housing searchers dropped significantly to 61% in April 2025, the lowest level since 2024, with declines across all city tiers, particularly in third and fourth-tier cities, indicating notable market volatility [1][3] - The second-hand housing market's diversion pressure on new housing decreased to 28%, ending an upward trend, with lower-tier cities experiencing greater diversion pressure [1][3] Diversion Pressure - The diversion pressure from the second-hand housing market to the new housing market showed a significant decline, with a pressure value of 28% in April, down 4 percentage points from March [5][6] - The annual average diversion pressure increased from 25.8% in 2024 to 31.0% in the first four months of 2025, indicating a trend of increasing diversion pressure from second-hand to new housing, albeit with a short-term reduction [5][6] Overlap Between Markets - The overlap between the second-hand and new housing markets fell to 12% in April 2025, down from a peak of 15% in February, suggesting a clear differentiation between the two buyer groups [2][9] - In lower-tier cities, the overlap remains higher, with third and fourth-tier cities showing a 34% overlap, indicating more intense competition for buyers between second-hand and new housing [9][10] Market Response - Overall, the demand for searching and purchasing homes has declined, with the second-hand housing search heat index at 63.8 in April 2025, down 3.2% year-on-year [16] - Despite the decline, second-hand housing continues to attract more buyer interest compared to new housing, although the diversion effect of second-hand housing on new housing has weakened [18]

Summary of Key Points Core Viewpoint - The announcement provides an overview of the rental and sales performance of New City Holdings for April 2025, highlighting significant changes in both rental income and sales volume compared to the previous year [1][2]. Rental Performance - The total rental income for April 2025 reached approximately CNY 1.06 billion, with a cumulative rental income of about CNY 4.28 billion for the year to date [1]. - The company operates a total of 174 properties with a combined area of approximately 16.04 million square meters [1]. - The highest rental income was generated in Jiangsu, amounting to CNY 286.80 million for April, contributing to a cumulative total of CNY 1.16 billion for the year [1]. - Other notable contributions came from Zhejiang (CNY 128.11 million), Anhui (CNY 74.90 million), and Shaanxi (CNY 57.06 million) [1]. Sales Performance - The sales volume for April 2025 was approximately 228,262 square meters, representing a significant decrease of 55.19% compared to the same month last year [2]. - The total sales amount for April was CNY 176.11 million, with Jiangsu leading at CNY 45.14 million, followed by Tianjin at CNY 18.65 million [2]. - The overall sales area for the year to date was approximately 88.60 million square meters, reflecting a decline of 59.01% year-on-year [1].

Group 1 - The core viewpoint of the articles highlights a temporary increase in home sales in the U.S. due to a brief decline in mortgage rates, with the March pending home sales index rising to 76.5, a 6.1% month-over-month increase, marking the largest increase in 2023 [1] - The pending home sales index is still 0.1% lower year-over-year, indicating cautious consumer sentiment despite the recent uptick in sales [1] - The Southern region of the U.S. saw a significant 9.8% increase in signed contracts in March, the largest increase since June 2020, while the Northeast experienced a slight decline [3] Group 2 - Despite the increase in sales, homebuyers continue to face high housing costs, with the median sales price of existing homes rising 44% compared to March 2020 [2] - The supply of existing homes is beginning to improve as more homeowners accept the reality of sustained high mortgage rates and are willing to list their properties for sale [2] - There is a notable decline in home prices in various cities, particularly in the Sun Belt states, with 11 out of the 50 largest U.S. cities experiencing a drop in annual median home prices, the highest number since September 2023 [3]

Core Viewpoint - The Shanghai housing market is experiencing unprecedented challenges, with both property prices and rents declining, leading to significant stress for landlords [2] Group 1: Challenges Faced by Different Types of Landlords - First-time homebuyers are engaging in a "cutting losses" competition, with increased listings and price reductions to attract buyers, yet many properties remain unsold for over a year [3] - Owners of newer properties are maintaining their prices, with some even attempting to raise them, but face stagnant sales as middle-class buyers hesitate and the market remains cautious [4] - Secondary landlords are experiencing a drastic drop in rental income, with rents returning to 2019 levels after peaking in 2022, leading to a significant reduction in their numbers [5] Group 2: Landlord Decisions in Response to Market Conditions - Landlords are making various choices, such as selling their homes to rent, opting for rental exchanges to reduce costs, or downsizing to alleviate financial pressure [6] - These decisions reflect differing views on the future of the housing market, with some believing in a lack of investment value while others see potential for recovery [6] Group 3: Macro Perspective on the Housing Market - The housing market is under pressure from high listing volumes and the impact of new housing developments, which threaten the demand for older properties [7] - The market is expected to become more segmented, with high-quality properties gaining interest while lower-quality ones may struggle to attract buyers [7] Group 4: Conclusion on Market Adaptation - The current housing market requires landlords to adapt their strategies based on market dynamics, policy changes, and buyer sentiment to survive and find new opportunities [9] - The era of uniformly rising property values is over, and landlords must focus on enhancing property quality and competitiveness to navigate future challenges [9]

金十数据4月24日讯，由于房价持续上涨，美国3月份成屋销售下滑幅度大于预期。美国全国房地产经纪 人协会（NAR）周四公布的数据显示，3月份成屋销售环比下降5.9%，经季节性因素调整后折合成年率 为402万套，同比下降了2.4%。成屋销售价格中值同比上涨2.7%，至403,700美元。相比之下，2月份的 增幅为3.4%。NAR首席经济学家Lawrence Yun表示："由于抵押贷款利率高企带来的负担能力挑战，3月 份房屋买卖仍然低迷。"3月份成屋销售似乎有所回落，而房价则继续上涨。但市场风向的变化可能导致 房价比预期更趋平稳，甚至出现下跌。 美国3月成屋销售下滑 未来房价可能趋于平稳甚至下跌 ...

Group 1 - The total annualized sales of existing homes in the U.S. for March recorded 4.02 million units, marking the lowest level since September 2024 [1]

Group 1 - The total number of existing home sales in the U.S. for March decreased by 5.9% year-over-year, which was worse than the expected decline of 2.6% and a previous increase of 4.2% [1]

以下文章来源于凤凰WEEKLY ，作者汽水 凤凰WEEKLY . 有温度、有情感、有趣味的新媒体。 来自黑龙江的同事凯斯带着普洱茶和鲜花饼来到办公室，告诉我们一个反直觉的消息： 现在的东北人，都流行去西双版纳过冬。 同样从西双版纳回到北京的米利暗也讲述了自己的版纳过年感受：落地后，迎接她的除了雨林风情和傣味美食，还有趋近饱和的东北 冲击。她的原话是： "我明明人在版纳，却被东北人包围了。" 被东北人包围了。 作者 | 汽水 编辑 | 章鱼 来源 | 凤凰WEEKLY （ID：phoenixweekly） 春节已经彻底过完了，但人们对春节的怀念才刚刚开始。 图源：@酱酱子 西双版纳，挤满东北人 时代变了。 东北人的第二故乡，已经不是三亚了。 一个到西双版纳游玩的普通游客所到之处，遍布东北口音的大哥大姐。 飞机场、火车站的网约车上车处，仿佛是小型的东北NPC集中刷新地。 当你的鼻腔里充斥着杀猪菜和水饺味，耳边环绕着东北口音，难免会陷入恍惚： 这里到底是在西双版纳，还是哈尔滨？ 这边游客还在怀疑自己身处东北，那边本地人早就和东北人实现了口味大融合。 在西双版纳的东北一条街，东北菜早就根据云南人的偏好做出了改良。 " ...