美国7月新建住宅销售超出市场预期，前值也被上修，显示在价格下降与大规模优惠措施的刺激下，购房需求 获得提振。 美国商务部周一公布的数据显示，7月新建独栋住宅签约量折合年率为65.2万套，高于经济学家预期的63万套。 报告指出，西部地区需求最为强劲，而南部和中西部地区则出现下降。 尽管数据超出预期，新屋市场对降价和优惠的依赖度正在加深。报告显示，在高抵押贷款利率背景下，本月有 66%的房屋建商采取了促销激励措施，比例创新冠疫情以来新高。这些优惠主要是为了消化库存，而当前已竣 工新屋存量已升至2009年以来最高水平。 桑坦德资本市场首席经济学家Stephen Stanley指出："建筑活动的放缓在一定程度上开始见效，新屋在建库存有 所下降。但除非已完工的新屋数量明显减少，否则开发商仍会将缩减施工作为紧迫任务。" 彭博经济研究团队表示，房屋建商正面临库存压力，其中已完工的住房比例持续上升。叠加高企的抵押贷款利 率，预计未来几个月住房市场活动和房价仍将承压。 作为入门级建商代表的霍顿房屋(DHI.US)在最新财报电话会上表示，公司正通过大幅补贴帮助部分买家将抵押 贷款利率降至3.99%。同时，越来越多购房者选择由联邦 ...

在这场持续扩大的美国房地产危机中，就连过去最抗跌的新建住宅也未能幸免。 根据最新数据显示，全美约三分之一的房地产市场房价同比出现下滑，曾经价格坚挺的新建房屋如今也出现大面积降价。Historically，新建房由 于配备现代化设施、材料和人工成本较高，一直比二手房贵。但现在，这一"金身"已被打破。 Realtor.com 报告指出，截至2025年6月，美国前30大都会区中有30个城市的新建住宅挂牌价格同比下跌，其中跌幅最大的是南部和西部城市，德 州、佛州等地成重灾区。 Realtor.com 首席经济学家 Danielle Hale表示："2025年的房地产市场确实有所降温，但各地调整的深度和持续时间差异很大。" 为什么跌？库存"爆仓"是关键！ 专家指出，房价下降的主要原因在于各地库存水平激增。 哪些城市跌得最惨？ 以下是新建住宅同比降价最猛的5个城市： 疫情红利耗尽，建得太多 卖不出去 南部和西部房源供大于求，因此买家能砍出更多价格。 而中西部和东北部则由于库存紧张，房价仍相对坚挺，卖方市场尚未崩塌。 1. 阿肯色州小石城（Little Rock）：-15.6% 2. 德克萨斯州奥斯汀（Austin）：-8 ...

北京商报讯（记者 王寅浩 李晗）8月1日，中指研究院发布数据显示，7月全国100个城市新建住宅平均 价格约为1.69万元/平方米，环比上涨0.18%。从涨跌城市个数看，30个城市环比上涨，61个城市环比下 跌，9个城市持平。同比来看，全国100个城市新建住宅平均价格同比上涨2.64%。 ...

Core Insights - The real estate market in China is experiencing mixed trends, with new residential prices showing slight increases in core cities while second-hand housing prices are declining [1][3][5]. New Residential Market - In July, the average price of new residential properties in 100 cities was 16,877 yuan per square meter, reflecting a month-on-month increase of 0.18% and a year-on-year increase of 2.64% [1]. - First-tier cities saw a month-on-month price increase of 0.36%, while second-tier cities experienced a 0.23% increase, driven by quality improvement projects [3]. - Third and fourth-tier cities, however, faced a month-on-month price decline of 0.19% [3]. Second-Hand Residential Market - The average price of second-hand residential properties in July was 13,585 yuan per square meter, showing a month-on-month decrease of 0.77% and a year-on-year decrease of 7.32% [1]. - First-tier cities experienced a month-on-month price drop of 0.61%, while second-tier and third/fourth-tier cities saw declines of 0.84% and 0.77%, respectively [3][11]. Rental Market - The average rental price in 50 key cities was 34.93 yuan per square meter per month, with a month-on-month decrease of 0.07% and a year-on-year decrease of 3.81% [1]. - Rental demand during the graduation season provided some support, but overall rental prices are still under pressure [1][13]. Policy and Market Outlook - The central government is focusing on implementing policies to stabilize the real estate market, including urban renewal and housing rental regulations [4][5]. - The recent Central Urban Work Conference emphasized the transition from rapid urbanization to stable development, aiming to improve existing urban areas rather than expanding [4]. - Local governments are also taking measures to optimize housing policies, such as canceling housing sales restrictions and enhancing public housing fund access [4][5]. Market Trends - The market is expected to maintain some resilience in core cities due to strong fundamentals, although disparities between different cities and regions are likely to persist [8].

Summary of Key Points Core Viewpoint The real estate market in China shows mixed signals in May, with new home prices experiencing slight increases in first-tier cities while second-hand home prices continue to decline. The rental market also reflects a downward trend, indicating a challenging environment for property sales and rentals. Group 1: New Home Prices - The average price of new homes in 100 cities reached 16,815 yuan per square meter in May, with a month-on-month increase of 0.30% and a year-on-year increase of 2.56% [1] - First-tier cities saw a month-on-month increase of 0.90% in new home prices, with Shanghai leading at 1.47% due to the launch of quality improvement projects [5] - Second-tier cities experienced a slight increase of 0.06%, while third and fourth-tier cities saw a decrease of 0.11% [5] Group 2: Second-Hand Home Prices - The average price of second-hand homes in 100 cities was 13,794 yuan per square meter in May, with a month-on-month decline of 0.71% and a year-on-year decrease of 7.24% [1] - First-tier cities experienced a month-on-month decrease of 0.37%, while second-tier and third/fourth-tier cities saw declines of 0.78% and 0.76%, respectively [5] Group 3: Rental Market - The average rental price in 50 cities was 35.0 yuan per square meter per month in May, reflecting a month-on-month decrease of 0.34% and a year-on-year decrease of 3.44% [2] - The rental market continues to show a seasonal downturn, particularly in key cities [2] Group 4: Policy Environment - Recent financial policies, including a reduction in the reserve requirement ratio and interest rates, aim to stabilize the real estate market and support housing demand [9] - Local governments are implementing measures to enhance property sales management and optimize housing loan policies [10] - The overall macroeconomic policy is increasingly supportive of the real estate sector, with expectations for continued easing in June [10]

Core Insights - In May, new home prices in major Chinese cities continued to show structural increases, while second-hand home prices experienced a downward trend [1][2] - The average price of new residential properties in 100 cities was 16,815 yuan per square meter, reflecting a month-on-month increase of 0.30% and a year-on-year increase of 2.56% [1] - The average price of second-hand residential properties in 100 cities was 13,794 yuan per square meter, showing a month-on-month decrease of 0.71% and a year-on-year decrease of 7.24% [1] New Home Market - The new home market displayed a differentiated trend, with core cities seeing active transactions driven by high-quality improvement projects, while some existing projects faced significant pressure [1][2] - In May, new home prices in first-tier cities rose by 0.90%, while second-tier cities saw a slight increase of 0.06%. In contrast, third and fourth-tier cities experienced a decrease of 0.11% [1] - Shanghai and Guangzhou led the price increases among 100 cities, with respective month-on-month increases of 1.47% and 1.25% [1] Second-Hand Home Market - The transaction volume in the second-hand home market decreased month-on-month, with a trend of "trading at lower prices" dominating the market [1][2] - The month-on-month decline in second-hand home prices slightly widened in May [1] Policy and Market Outlook - Financial policies aimed at stabilizing the real estate market were implemented in early May, including reductions in housing provident fund loan rates and LPR for loans over five years, which lowered purchasing costs [2] - The real estate policies are expected to maintain a loose tone in June, with a focus on the implementation of special bonds for land acquisition and urban village renovations [2] - As the mid-year sales period approaches, real estate companies are likely to increase their sales efforts and promotional activities, particularly in core cities, although market differentiation among cities and projects is expected to continue [2]

Financial Data and Key Metrics Changes - Total revenues for the second quarter were $686 million, which was closer to the low end of guidance due to a mix of deliveries with higher-priced home deliveries slipping into future quarters [7] - Adjusted gross margin was 17.3%, just below the low end of guidance, primarily due to increased incentives which rose to 10.5% from 9.7% in the first quarter [8][10] - Adjusted EBITDA was $61 million, slightly above the high end of guidance, while adjusted pretax income was $29 million, near the high end of the range provided [9] Business Line Data and Key Metrics Changes - Contracts for the second quarter, including domestic unconsolidated joint ventures, decreased by 7% year over year, with significant monthly sales volatility observed [12] - The average contracts per community were 11.2, which is higher than the quarterly average since 2008, indicating a strong performance relative to peers despite a year-over-year decline [13] Market Data and Key Metrics Changes - The percentage of home buyers utilizing mortgage rate buy downs was 75%, indicating a continued reliance on these strategies to combat affordability issues in a high mortgage rate environment [17] - The company ended the quarter with 42,440 controlled lots, equating to a 7.7-year supply, which increased by 15% year over year [30] Company Strategy and Development Direction - The company is focusing on pace over price, successfully raising net prices in 31% of communities despite a challenging sales environment [22] - A strategic decision was made to burn through less profitable land parcels to clear the way for new acquisitions that meet return metrics [26] Management's Comments on Operating Environment and Future Outlook - Management expressed satisfaction with the quarter's performance given the difficult economic environment, emphasizing a focus on community-level adjustments and monitoring sales [48] - The company expects to return to more favorable performance metrics as it replaces older land positions with newer, more profitable ones [26] Other Important Information - The company has made significant progress in reducing base construction costs by 7% since the first quarter of fiscal 2023 [28] - The liquidity at the end of the second quarter was $2 billion, within the targeted range, indicating a strong financial position [37] Q&A Session Summary Question: Have you seen lower land prices on recent acquisitions? - Management noted that land sellers are slow to adjust prices, but they are finding opportunities to replenish land supply at better returns [54] Question: What markets are yielding better results for land acquisitions? - Better results are being seen in Delaware, Virginia, Southeast Coastal Charleston areas, New Jersey, and Maryland [55] Question: What is the current incentive structure? - The company is using a mix of closing costs, rate buy downs, and price adjustments as incentives [61] Question: Is the focus still on spec building? - The strategy remains focused on quick move-in homes (QMIs), which allows for affordable mortgage rate buy downs [62] Question: How long will it take to clear older vintage land? - The timeline varies by community, with some areas already cleared out while others may take two to three years [68] Question: What is the outlook for construction costs in the back half of the year? - Management is optimistic about controlling costs, except for potential increases in lumber prices [76]

Group 1 - In April, the real estate market in major Chinese cities continued to stabilize, with new residential average prices in 100 cities rising by 0.14% month-on-month and 2.50% year-on-year, reaching 16,764 yuan per square meter [1] - The average price of second-hand residential properties in 100 cities decreased by 0.69% month-on-month and 7.23% year-on-year, standing at 13,892 yuan per square meter [1] - Despite a slowdown in the pace of new property launches, structural price increases were observed in new residential properties in certain cities due to the introduction of quality improvement projects [1] Group 2 - Several cities implemented supportive real estate policies in April, including the cancellation of residential standards in Sichuan and the suspension of price filing for new commodity housing in Wuxi [1] - The Central Political Bureau's meeting at the end of April is expected to accelerate the implementation of supportive policies for the real estate market, with potential increases in demand from urban village and dilapidated housing renovations [2] - The supply side is anticipated to receive stronger support for stock commodity housing acquisition policies, along with the introduction of "good housing" construction standards to promote market stabilization [2]

Group 1: Report's Investment Rating - No investment rating provided in the report Group 2: Core Viewpoints - The industry lacks upward drivers and is in a weak consolidation phase, with overall pressure due to weak downstream demand and entering the seasonal off - season [2][3] Group 3: Summary by Relevant Data Construction Steel - In April, the daily average trading volume of national construction steel was 11,660 tons, a month - on - month increase of 8.25% and a year - on - year decrease of 29.93% [3] Hot - Rolled Coil - In April, the total output of sample hot - rolled coil steel mills was 1.2679 billion tons, the final inventory was 2.8286 billion tons, and the apparent demand was 3.2436 billion tons [3] Real Estate - In April, the average price of new residential buildings in 100 cities was 16,764 yuan per square meter, a structural month - on - month increase of 0.14% and a year - on - year increase of 2.50% - In April, the average price of second - hand residential buildings in 100 cities was 13,892 yuan per square meter, a month - on - month decrease of 0.69% and a year - on - year decrease of 7.23% [3] Market Situation - During the holiday, overseas markets showed mixed trends, and the overseas iron ore market declined slightly. The macro - environment has limited impact on black - series products - Before the holiday, the performance of finished products was weak. Although there were rumors of crude steel production restrictions driving up steel prices, the price quickly gave back all the gains due to weak downstream demand - The market is currently trading based on fundamental logic, and steel prices lack upward drivers as it enters the seasonal off - season [3]

Core Insights - In April, the average price of new residential properties in 100 cities was 16,764 yuan per square meter, showing a month-on-month structural increase of 0.14% and a year-on-year increase of 2.50% [1] - First-tier cities saw a month-on-month increase in new home prices, with Shanghai and Hangzhou leading the gains at 0.61% and 0.95% respectively [1] - The second-hand housing market in core cities remains active, but with a high listing volume, the trend of "price for volume" is prevalent, leading to a month-on-month decrease of 0.69% in average second-hand residential prices across 100 cities [2] New Housing Market - New housing prices in first-tier cities increased by 0.37% month-on-month, with Shanghai's price increase driven by new improvement projects [1] - Second-tier cities experienced a month-on-month increase of 0.10%, with Hangzhou's new home prices rising by 0.95% [1] - Third and fourth-tier cities saw a month-on-month decrease of 0.11% in new housing prices [1] Second-Hand Housing Market - The second-hand housing market in first-tier cities showed a month-on-month price decrease of 0.36%, with Shanghai's decline narrowing to 0.32% due to improved buyer demand [2] - Second-tier cities experienced a month-on-month decrease of 0.77% in second-hand housing prices, influenced by increased listing volumes [2] - Third and fourth-tier cities saw a month-on-month decrease of 0.73%, with some cities experiencing declines exceeding 1% [2] Market Outlook - The Central Research Institute indicates that policies aimed at stabilizing the real estate market are expected to continue, with urban renewal becoming a key driver for housing consumption [2] - Support for the acquisition of existing properties is anticipated to increase, along with measures to alleviate financial pressures on real estate companies [2] - The market is expected to maintain recovery in May, driven by ongoing policy efforts and increased supply of quality housing, although a differentiated market landscape will persist [3]