Core Viewpoint - The U.S. existing home sales unexpectedly declined in April, marking the lowest level in seven months, highlighting a weak start to the crucial spring selling season [1] Summary by Relevant Categories Sales Performance - Existing home sales fell by 0.5% month-over-month on an annualized basis, reaching 4 million units, which is the weakest April performance since 2009 [1] Economic Indicators - The decline in sales is attributed to ongoing affordability constraints, indicating that suppressed home-buying demand continues to grow but has not yet been fully released [1] Expert Commentary - Lawrence Yun, Chief Economist at NAR, stated that any significant decrease in mortgage rates would help to unleash the pent-up demand for housing [1]

4月，重点城市二手房成交量同比普遍增长。 具体来看，一线城市中，深圳二手住宅成交套数同比大增37%，上海同比增长30%，北京同比增长17%，广州同比增长近13%。 二线城市中，成都、杭州、南 宁二手住宅成交套数同比分别增长20%、16%、14%。 业内人士认为，4月重点城市二手房交易活跃度持续，驱动行业对后市信心有所回升，5月房地产市场有望延续积极向好。 重点城市二手房成交同比增长 4月，重点城市二手房成交量整体同比延续增长态势。 不过，中指研究院高级分析师孟新增指出，4月重点城市二手房市场仍保持较高活跃度，成交同比多保持增长，但目前二手房挂牌量仍在高位，部分城市取消 限售后二手房挂牌量有所增加，市场整体仍延续"以价换量"行情，根据中指研究院百城价格指数，4月百城二手住宅价格环比下跌0.69%，跌幅较上月扩大0.1 个百分点。 "红五月"可期？ 因4月楼市活跃度持续，业内认为5月二手住宅市场交易将升温。 广州市房地产中介协会指出，4月市场受清明假期以及雨水天气频繁等因素影响，但全市二手住宅网签量仍保持万宗以上水平，驱动行业对后市信心有所回 升，5月经理人指数因此环比增长9.79个百分点至52.17%（前值42 ...

Core Viewpoint - The Beijing second-hand housing market is experiencing a seasonal slowdown in activity, with an increase in listings and a shift in pricing dynamics as sellers adjust their expectations and buyers maintain a strong negotiating position [3][4][8]. Group 1: Market Activity - In April, the number of signed contracts for second-hand homes in Beijing was 15,569, representing a month-on-month decrease of 19.05% but a year-on-year increase of 16.59% [3]. - The overall market activity has declined compared to March, with a decrease in consultation, viewing, and transaction volumes, indicating a return to normalcy after the post-Spring Festival surge [3][4]. - The number of listings for second-hand homes in April increased by 3.7% compared to March, indicating ongoing pressure for market absorption [5]. Group 2: Pricing Dynamics - The average listing price for second-hand homes in Beijing in April was 87,100 yuan per square meter, down 0.7% month-on-month and 2.9% year-on-year [8]. - The bargaining space for buyers has narrowed by 0.27 percentage points compared to March, yet buyers still hold a significant advantage in negotiations [8]. - Sellers are increasingly adjusting their prices, with some urgent sellers willing to reduce prices by 5-8% to facilitate quicker sales [9]. Group 3: Market Outlook - The market is expected to continue facing downward pressure on prices as the "small spring" effect diminishes, with predictions of a slight decrease in transaction volumes and prices if no new policies are introduced [10]. - The upcoming May market is anticipated to maintain a steady volume but may see slight price declines due to increased listings and ongoing buyer caution [10].

4月24日，美国全国地产经纪商协会表示，3月份二手房折合年率销量402万套，预估为413万套，2月份 销售数据从426万套修正至427万套。 ...

金十数据4月23日讯，数据显示，上海全市经济起步平稳、高质量发展扎实推进。一季度上海房地产业 开发投资比去年同期增长了5.1%；商品房施工面积同比增长7.3%，其中住宅施工面积同比增长9.5%； 住宅类商品房销售面积达到329.78万平方米，同比增长2.2%。 二季度楼市仍旧维持高热度，截至目 前，结合网上房地产网站披露数据统计，上海4月份二手房网签量已突破1.5万套大关，周末单日成交屡 破千套，全月有望冲击2万套月度成交线。 （一财） 上海3年来最好楼市开局 4月二手房成交量有望冲击2万套 ...

Core Viewpoint - The article discusses the mixed signals in China's economic recovery, highlighting the divergence in financial, inflation, and economic data, particularly in infrastructure, real estate, and consumption sectors [2][3][4]. Economic Performance - The GDP growth rate for the first quarter is projected to be around 5.3%, with a year-on-year increase in retail sales of 4% [2]. - CPI and PPI showed negative growth in January-February, with CPI at -0.1% and PPI at -2.2%, indicating weak demand [3]. Infrastructure Investment - Infrastructure investment grew by 9.9% year-on-year in January-February, but high-frequency data such as black metal prices and cement shipment volumes are low [4]. - The structure of infrastructure investment is skewed towards central government projects, with significant growth in water and energy sectors, while traditional sectors like road transport are lagging [4]. Real Estate Market - The real estate recovery is characterized by uncertainty, with second-hand home transactions in major cities up by 25.9%, contrasting with a decline in new home sales [5]. - There is significant internal divergence in second-hand home sales across cities, with some cities experiencing substantial growth while others see declines [5]. Consumer Spending - Consumer spending is showing signs of recovery, driven by policies like "trade-in" programs, but the sustainability of this recovery is in question [11]. - Retail sales growth is being supported by a rebound in service retail, but overall consumer sentiment remains cautious due to rising unemployment rates [16]. Policy Implications - The government is focusing on boosting consumption and stabilizing the real estate market, with plans for stimulus measures if external uncertainties increase [17].

Investment Rating - The report does not explicitly state an investment rating for the real estate sector Core Insights - The second-hand housing market in 100 cities saw a total listing of 2.3717 million units in February 2025, representing a year-on-year increase of 33.2% [13] - The listing volume increased across all city tiers, with first-tier cities up by 29.6%, new first-tier cities by 26.0%, second-tier cities by 37.7%, and third and fourth-tier cities by 47.6% [13] - The housing search heat index for the second-hand market rose by 5.6% year-on-year in February 2025, with first-tier cities increasing by 10.0%, new first-tier cities by 7.9%, second-tier cities by 6.2%, and third and fourth-tier cities by 4.3% [20] - The average listing price per square meter in first-tier cities was 49,841 yuan, down 8.6% year-on-year, while new first-tier cities saw an average of 17,266 yuan, down 9.9% [12][20] Summary by Sections Listing Volume - In February 2025, the listing volume in first-tier cities was 746,000 units, new first-tier cities 594,000 units, second-tier cities 253,000 units, and third and fourth-tier cities 80,000 units [8][13] Search Heat Index - The search heat index for first-tier cities was 68.1, new first-tier cities 71.2, second-tier cities 71.5, and third and fourth-tier cities 75.2, showing increases across all categories [10][20] Listing Duration - The average listing duration was 112.3 days for first-tier cities, 94.9 days for new first-tier cities, 95.5 days for second-tier cities, and 104.2 days for third and fourth-tier cities, with year-on-year increases of 14.6%, 4.9%, 2.8%, and 6.0% respectively [11][29] Average Listing Price - The average listing price per square meter in first-tier cities was 49,841 yuan, new first-tier cities 17,266 yuan, second-tier cities 12,824 yuan, and third and fourth-tier cities 8,227 yuan, all showing year-on-year declines [12][20]

Core Viewpoint - The second-hand housing market in first-tier cities is rapidly recovering, with significant increases in transaction volumes observed in Beijing, Guangzhou, and Shenzhen [1][2][4]. Group 1: Beijing Market - In February 2025, Beijing's second-hand housing transaction volume reached 11,876 units, a year-on-year increase of 87.6% compared to 6,332 units in February 2024 [4]. - The market is experiencing a "small spring" phenomenon, with weekend transactions exceeding 1,000 units daily in late February [5]. - Despite an increase in listings from 146,000 before the Spring Festival to 153,000 after, about 50% of second-hand homes have seen price increases, while some are still adjusting [5]. Group 2: Guangzhou Market - Guangzhou's second-hand housing market saw a transaction volume of 6,278 units in February 2025, marking a year-on-year growth of 29.04% [8]. - The average daily transactions from February 17 to 25 reached 381 units, with expectations for March to exceed 10,000 units [9]. - The cumulative transaction volume for January and February was 16,316 units, reflecting a year-on-year increase of 22.53% [9]. Group 3: Shenzhen Market - Shenzhen's second-hand housing transactions have shown a continuous growth trend for three weeks, with recorded transactions of 824, 1,261, and 1,408 units in consecutive weeks [11]. - The market has returned to pre-holiday levels, with a significant recovery attributed to the resumption of work post-Spring Festival [12]. - The overall sentiment in core cities indicates a strong recovery momentum, with an increasing number of properties seeing price increases [12].