Workflow
房地产行业数据点评：一线城市新房和二手房价格环比继续上涨
湘财证券·2025-02-25 08:34

Investment Rating - The industry investment rating is maintained as "Buy" [7] Core Insights - New and second-hand housing prices in first-tier cities show signs of stabilization, with a notable narrowing of year-on-year declines [10] - The core goal of the "stop decline and stabilize" policy is to stabilize market volume and price, with first-tier cities showing signs of price stabilization while second and third-tier cities are recovering more slowly [10] - Recent progress in special bond support for the acquisition of existing land is expected to alleviate financial pressures on enterprises and optimize supply, leading to an improved market supply-demand structure [10] Summary by Sections New Housing Market - In January, new housing prices in 70 large and medium-sized cities fell by 5.4% year-on-year (a narrowing of 0.3 percentage points) and decreased by 0.1% month-on-month (unchanged) [2] - The decline in new housing prices has persisted for 34 months year-on-year since April 2022 and for 20 months month-on-month since June 2023 [3] - In first-tier cities, new housing prices fell by 3.4% year-on-year (narrowing by 0.4 percentage points) and increased by 0.1% month-on-month [4] Second-Hand Housing Market - In January, second-hand housing prices fell by 7.8% year-on-year (a narrowing of 0.3 percentage points) and decreased by 0.3% month-on-month (unchanged) [2] - The decline in second-hand housing prices has lasted for 36 months year-on-year since February 2022 and for 21 months month-on-month since May 2023 [3] - In first-tier cities, second-hand housing prices fell by 5.6% year-on-year (narrowing by 1.1 percentage points) and increased by 0.1% month-on-month [4] Market Performance - The relative performance of the real estate sector has shown a decline of 2% over the past month, 11% over the past three months, and 11% over the past year compared to the CSI 300 index [8] - Absolute returns for the sector were 1% over the past month, -12% over the past three months, and 5% over the past year [9]