二手房市场表现不及新房！啥情况？“以价换量”仍为主导

Core Viewpoint - The real estate market in key cities is experiencing a divergence, with the second-hand housing market underperforming compared to the new housing market, primarily driven by a "price for volume" strategy and increased market observation due to expectations of policy relaxation [1][3][8]. Market Performance - The average price of new residential properties in 100 cities reached 16,815 yuan per square meter in May, with a month-on-month increase of 0.30% and a year-on-year increase of 2.56%. In contrast, the average price of second-hand residential properties was 13,794 yuan per square meter, showing a month-on-month decline of 0.71% and a year-on-year decrease of 7.24% [3]. - The transaction volume of second-hand homes in key cities has generally decreased month-on-month, with a narrowing year-on-year growth rate, while the listing volume remains high [3][6]. Market Dynamics - The demand for second-hand homes, particularly in school districts, has decreased after the "golden three silver four" period, contributing to a stagnant price movement in the second-hand market [3]. - New homes are becoming more attractive to buyers due to favorable marketing strategies and higher usable area ratios, leading to increased competition for second-hand homes [5][6]. Listing Trends - As of May 2025, the listing volume of second-hand homes in 100 cities reached 2.718 million units, a year-on-year increase of 15.8%. This increase is attributed to rising replacement demand among homeowners and the entry of improved new properties into the market [6]. - The willingness of some homeowners to lower prices has led to noticeable adjustments in second-hand home prices [6]. Buyer Sentiment - Many buyers are anticipating further policy relaxations to reduce purchasing pressure, with expectations for localized policy adjustments in first-tier cities [8]. - The adjustment of property transaction tax policies is expected to facilitate the listing of newer and better-quality homes, positively impacting the second-hand housing market [8]. Market Outlook - The activity level of the second-hand housing market is crucial for the sustained recovery of the overall real estate market, with many cities seeing monthly transaction volumes of second-hand homes surpassing those of new homes [8].