7 月百强销售和基本面解读 20250731 摘要 7 月房地产市场整体季节性回落，30 个重点城市成交环比下降 28%， 同比下降 19%。一线城市环比下降 35%，同比下降 28%，但前几个月 累计成交仍维持正增长约 7%。 二三线城市 7 月也出现下滑，26 个城市环比下降 27%，同比下降 17%，热点城市如成都、杭州受供应不足影响成交受限，部分前期跌幅 较大城市如青岛、昆明等呈现弱复苏。 市场观望情绪浓厚，新房供给不足，高温天气降低看房热情，导致成交 下滑。以价换量成为部分项目去化手段，但总体开盘去化率仍低于 30%，处于年内低位。 自去年 9 月以来，房地产市场止跌企稳大趋势未变，目前市场筑底需要 时间，转型阶段指标波动正常。整体循环与趋势未被打破，各地仍在逐 步适应并调整。 新规产品对市场有支撑作用，提升成交量并稳定价格。广州新规住宅项 目认购量占全市总认购量的 60%，明显高于老规产品的 14%。 Q&A 7 月份百强房企的销售情况如何？ 7 月份，百强房企的操盘金额单月同比下降了近 26%，环比降幅更大，接近 39%。累计同比来看，1-7 月份的降幅约为 12.7%，较 1-6 月份扩大了约 ...

Core Insights - The "Good House" national strategy is guiding the real estate market, with major cities implementing new regulations to enhance residential product quality and comfort [1][2][4] - The new regulations are driving demand across various market segments, including first-time buyers, upgrade buyers, and high-end clients, leading to a notable recovery in the housing market [1][3][4] Regulatory Developments - The central government has established "Good House" as a key focus for 2025, emphasizing the need for high-quality housing and a standard system for residential projects [2][12] - New standards include increased ceiling heights from 2.8 meters to 3 meters, reduced noise limits from 75 decibels to 65 decibels, and the introduction of age-friendly and green building requirements [2][12] Market Performance - From January to June 2025, new regulation-compliant projects have shown significantly higher sales rates compared to traditional projects, with some areas reporting up to 30 percentage points higher in sales [4][6] - In cities like Guangzhou, new regulation projects accounted for 60% of the market supply in April, with a subscription rate of 70% [6][12] Product Innovations - High gift rates have become a core advantage of new regulation products, allowing for more functional small spaces and enhanced living experiences for upgrade buyers [3][10] - The design of new products is shifting towards optimizing living scenarios, integrating technology, and improving service offerings rather than merely increasing usable space [13] Regional Highlights - In Wuhan, new regulation projects have outperformed traditional ones in terms of sales rates, indicating a strong market preference for these products [4][10] - In Chengdu, new regulation projects have achieved full sales during multiple launches, demonstrating high demand driven by competitive pricing and product quality [10][12] Regulatory Challenges - Some cities are tightening regulations on new products, such as requiring balconies to be externally protruding and limiting the area of certain features to prevent excessive space claims [12][13] - The tightening of regulations is a response to complaints from existing homeowners regarding the devaluation of older properties due to the high gift rates of new products [12][13]