上半年网签破9万套，从政策驱动到自主调节，北京二手房进入“存量优化调整期”

Core Viewpoint - The Beijing second-hand housing market is experiencing a steady recovery in the first half of 2025, driven by both policy effects and market self-adjustment, with a significant year-on-year increase in transaction volume [1][3]. Group 1: Market Performance - In the first half of 2025, the total number of second-hand housing transactions in Beijing reached 90,035 units, representing a year-on-year increase of 20.4% [1][3]. - The monthly transaction peak occurred in March 2025, with 19,234 units signed, largely due to policy stimuli and concentrated demand for school district housing [1][3]. - The transaction volume in June 2025 showed a slight year-on-year increase, indicating a self-adjusting market moving towards supply-demand balance [1][4]. Group 2: Policy Impact - A series of favorable real estate policies implemented since 2024 have had a continuous stimulating effect on the second-hand housing market throughout the first half of 2025 [3][4]. - The market's performance in June 2025 differed from the previous year, as it relied more on its own supply-demand adjustment mechanisms rather than solely on policy support [4][5]. Group 3: Price Dynamics - The adjustment of second-hand housing prices to a reasonable range has stimulated demand, creating a self-regulating mechanism of "price adjustment—transaction recovery" [5][11]. - The market is currently in a state of price negotiation, with sellers holding firm on listing prices, leading to increased tension between supply and demand [7][10]. Group 4: Supply and Demand Structure - The market is witnessing a differentiation in housing types, with improved second-hand homes becoming the mainstay due to their scarcity and strong demand [8][11]. - The proportion of transactions for first-time buyer homes remains high, but there is a notable increase in transactions for improved housing types, indicating a shift in buyer preferences [10][11].