为什么楼市明明那么惨，但我们却感觉不到房子降价呢？

Core Viewpoint - The Chinese real estate market has entered an adjustment period since the second half of 2021, characterized by a significant decline in sales performance, frequent debt defaults, and an increasing number of cities experiencing falling housing prices. As of August this year, only 29 out of the top 100 cities saw an increase in new home prices, while 69 cities experienced declines. The second-hand housing market is even more concerning, with only 23 cities seeing price increases and 74 cities seeing declines [1]. Group 1 - The perception of price changes is asymmetric, with many cities experiencing a mild downward trend, typically around 10%. This gradual decline is not easily felt by the public, especially when compared to previous annual increases of 20-30% [1][3]. - Developers are cautiously controlling price reductions to within 10% to avoid triggering homeowner rights protection issues and to prevent a decline in transaction volumes, as buyers tend to adopt a "buy high, sell low" mentality [3]. - Many second-hand homeowners are reluctant to sell at significant discounts, believing that prices will rebound. Even when willing to sell, price reductions are typically limited to around 5-10% [3][5]. Group 2 - Rising costs in materials and labor over the past two years have compressed developers' profit margins, limiting their ability to offer substantial discounts. This has resulted in only minor price reductions, further explaining the limited perception of falling housing prices [5].