现在卖房就两个字：降价！

Core Insights - The real estate market in various cities is experiencing a phenomenon of "increased volume and decreased prices" [1][3] - In Guangzhou, the second-hand housing transaction volume surged by 17.73% year-on-year in May 2025, with a total of 46,722 units sold in the first five months, also reflecting a growth of over 17% [1] - Despite the increase in transaction volume, the average price of second-hand homes in Guangzhou has been declining, with a notable drop in core areas [3] Market Dynamics - The second-hand housing market is no longer a "seller's market," with increased inventory leading to price reductions [3][7] - In cities like Xi'an, the transaction volume reached historical highs, but the listing volume surged to 151,000 units, causing prices to revert to 2019 levels [3] - The inventory turnover period in many cities exceeds 18 months, indicating significant market pressure [8] Regional Variations - In Chengdu, the listing volume exceeds 160,000 units, but core district properties still maintain liquidity, while older properties in suburban areas struggle to attract buyers [4] - In Mianyang, older properties have seen prices drop to 3,066 yuan per square meter, reflecting a significant decline [5] Emerging Trends - The market is shifting towards a "stock housing era," with second-hand transactions in 30 key cities reaching 59% of total sales by 2024 [11] - Price differentiation is intensifying, with new properties in core areas maintaining value while older suburban properties depreciate [13][14] - Policy adjustments, such as potential interest rate cuts and increased public housing supply, may further impact the market dynamics [15] Recommendations for Buyers - Focus on core area new properties, as they demonstrate stronger resilience against price declines [9] - Monitor inventory turnover rates, as a high ratio indicates market stress [8] - Be cautious of high leverage risks, ensuring that mortgage payments do not exceed 40% of household income [10]