二手房交易保持高活跃度 刚需释放巩固市场回稳基础

Core Viewpoint - The real estate market in China has shown signs of stabilization in the first half of the year, with both new and second-hand housing transactions increasing year-on-year, particularly in key provinces where second-hand transactions have surpassed new ones [1][4]. Group 1: Market Performance - In the first half of the year, the overall transaction volume of new and second-hand homes increased year-on-year, with second-hand home transactions gradually rising [1]. - Major cities such as Beijing, Shanghai, Guangzhou, and Shenzhen saw significant activity in second-hand home sales, with Shenzhen experiencing over 30% year-on-year growth, while Beijing, Shanghai, and Guangzhou had increases around 20% [1]. - In Beijing, 88,600 second-hand homes were sold in the first half of 2025, marking an 18% increase year-on-year, with over 60% of transactions being homes priced below 5 million yuan [2]. Group 2: Policy Impact - Policies such as lowering the minimum down payment for personal housing loans have significantly reduced purchasing costs, aiding market recovery [3]. - The overall price of second-hand homes in 100 cities fell by 3.6% in the first half of the year, indicating a trend of "price for volume" [3]. - Over 150 policies to optimize housing provident fund policies and 64 related to purchase subsidies were introduced in the first half of the year, effectively releasing demand potential [3]. Group 3: Future Outlook - The real estate policy environment is expected to remain loose in the second half of the year, with existing policies likely to be further implemented [3]. - Key cities are anticipated to see continued strong second-hand home transaction volumes due to significant housing demand, particularly among young people and new citizens [4].