Guojin Securities: The "small spring" heat of the property market is expected to continue, and it is expected that the trend of house prices stabilizing will be more solid.

Guokai Securities research report stated that last week, the prosperity of new homes slowed down, with the transaction volume of new homes in 47 key cities decreasing by 20.4% year-on-year, continuing the weak trend since the beginning of the year. Last week, the bottom of the second-hand housing market stabilized, with the transaction volume of second-hand homes in 22 cities decreasing seasonally and switching from a positive to a negative year-on-year growth rate of -7.3%, mainly due to the impact of the "May Day" holiday. Recently, many places have introduced real estate policies, and the property market is expected to continue the enthusiasm of the "early spring". The supply and demand of the current second-hand housing market are changing marginally, as the listing volume of second-hand homes in 26 key cities has decreased compared to the previous period, but the real-time transaction volume representing demand is still improving. Since April, there have been signs of a halt in the decline in the property market. The month-on-month decrease in the listing price of second-hand homes in 100 cities has narrowed to -0.3%, and in April, the month-on-month change in the transaction price of second-hand homes nationwide has switched from negative to positive, recording 0.05%. It is expected that with the decrease in listing volume, the trend of stabilizing house prices will become more solid.