不确定性能削弱购房流量，房价在晚春时节走弱：2025年4月5月房地产A.G.E.N.T.调查（分析、衡量和探索社区趋势）

April / May AGENT SurveyRestricted - External U.S. Homebuilding & Building ProductsPOSITIVEU.S. Homebuilding & BuildingProductsMatthew Bouley+1 212 526 9029matthew.bouley@barclays.comBCI, USElizabeth Langan+1 212 526 5960elizabeth.langan@barclays.comBCI, USAnika Dholakia+1 212 526 8780anika.dholakia@barclays.comBCI, USElaine Ku+1 212 526 7529elaine.ku@barclays.comBCI, US Constructive Quotes of the Month:“Somewhat low supply / surprisingly still strongdemand with, for the most part, buyersshruggingoffthe tumbling and chaotic financialmarkets.”— Tucson, AZ“There is still investor interest and first timehome buyer interest…very price and locationdependent.”— Los Angeles, CACautious Quotes of the Month:“I believe the uncertainty of the economy,current interest rates and escalating homeinsurance costs have had an impact on our entrylevel buyers. Also 'empty nesters' are notdownsizing as much as expected due to cost ofhome they are looking to downsize to and alsonot being in an area they want to move to.”— Nashville, TN“Uncertainty is the word of the first half of 2025.There are buyers in the market who need tomove, but uncertainty in the market and theeconomy are paralyzing their decision making.”— Sacramento, CA FIGURE 2. Barclays Real Estate A.G.E.N.T. Survey Weekly BuyerTrafficIndex LevelsFIGURE 3. Barclays Real Estate A.G.E.N.T. Survey Weekly Home Price Index LevelsJan-21Mar-21Apr-21Jun-21Jul-21Sep-21Oct-21Weekly DataNote: Smaller sample sizes on a weekly basis may cause slight distortion relative to the headlineindices. 32.0Dec-21Jan-22Mar-22May…Jul-22Aug-…Oct-22Dec-22Jan-23Mar-23Apr-23Jun-23Jul-23Sep-23Oct-23Dec-23Jan-24Mar-24May…Jun-24Aug-…Sep-24Nov-24Jan-25Mar-25May… Source: Barclays Research0102030405060708090100Feb-20Mar-20Apr-20May…Jun-20Price IndexSource: Barclays Research27 May 2025 FIGURE 4. Barclays Real Estate A.G.E.N.T. Survey Weekly Home Listings Index LevelsNote: In this index, a higher reading means less inventory and a lower reading means more inventorySource: Barclays Research27 May 2025Barclays | The Barclays Real Estate A.G.E.N.T. Analyst(s) Certification(s):I, Matthew Bouley, hereby certify (1) that the views expressed in this research report accurately reflect my personal views about any or all of the subjectsecurities or issuers referred to in this research report and (2) no part of my compensation was, is or will be directly or indirectly related to the specificrecommendations or views expressed in this research report.Important Disclosures:Barclays Research is produced by the Investment Bank of Barclays Bank PLC and itsaffiliates(collectively and each individually, "Barclays"). Allauthors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflects thelocal time where the report was produced and maydifferfrom the release date provided in GMT.Availability of Disclosures:Where any companies are the subject of this research report, for current important disclosures regarding those companies please refer to https://publicresearch.barclays.com or alternatively send a written request to: Barclays Research Compliance, 745 Seventh Avenue, 13th Floor, New York, NY10019 or call +1-212-526-1072.The analysts responsible for preparing this research report have received compensation based upon various factors including the firm's total revenues,a portion of which is generated by investment banking activities, the profitability and revenues of the Markets business and the potential interest of thefirm's investing clients in research with respect to the asset class covered by the analyst.Analysts regularly conduct site visits to view the material operations of covered companies, but Barclays policy prohibits them from accepting paymentor reimbursement by any covered company of their travel expenses for such visits.Barclays Research Department produces various types of research including, but not limited to, fundamental analysis, equity-linked analysis,quantitative analysis, and trade ideas. Recommendations contained in one type of Barclays Research maydifferfrom those contained in other types ofBarclays Research, whether as a result ofdifferingtime horizons, methodologies, or otherwise.In order to access Barclays Statement regarding Research Dissemination Policies and Procedures, please refer to https://publicresearch.barclays.com/S/RD.htm. In order to access Barclays Research Conflict Management Policy Statement, please refer to: https://publicresearch.barclays.com/S/CM.htm.Unless otherwise indicated, prices are sourced from Bloomberg and reflect the closing price in the relevant trading market, which may not be the lastavailable closing price at the time of publication.Risk Disclosure(s)Master limited partnerships (MLPs) are pass-through entities structured as publicly listed partnerships. For tax purposes, distributions to MLP unitholders may be treated as a return of principal. Investors should consult their