安居客独家发布： 4月全国重点城市二手房分流压力解析

Market Share - The proportion of second-hand housing searchers dropped significantly to 61% in April 2025, the lowest level since 2024, with declines across all city tiers, particularly in third and fourth-tier cities, indicating notable market volatility [1][3] - The second-hand housing market's diversion pressure on new housing decreased to 28%, ending an upward trend, with lower-tier cities experiencing greater diversion pressure [1][3] Diversion Pressure - The diversion pressure from the second-hand housing market to the new housing market showed a significant decline, with a pressure value of 28% in April, down 4 percentage points from March [5][6] - The annual average diversion pressure increased from 25.8% in 2024 to 31.0% in the first four months of 2025, indicating a trend of increasing diversion pressure from second-hand to new housing, albeit with a short-term reduction [5][6] Overlap Between Markets - The overlap between the second-hand and new housing markets fell to 12% in April 2025, down from a peak of 15% in February, suggesting a clear differentiation between the two buyer groups [2][9] - In lower-tier cities, the overlap remains higher, with third and fourth-tier cities showing a 34% overlap, indicating more intense competition for buyers between second-hand and new housing [9][10] Market Response - Overall, the demand for searching and purchasing homes has declined, with the second-hand housing search heat index at 63.8 in April 2025, down 3.2% year-on-year [16] - Despite the decline, second-hand housing continues to attract more buyer interest compared to new housing, although the diversion effect of second-hand housing on new housing has weakened [18]