楼市步入关键调整期，官方：最困难阶段已过，积极信号显现

Group 1 - The core viewpoint is that the real estate market is showing signs of positive change, with transaction stability, narrowing price declines, and improved inventory and new construction, but still requires further policy support to fully recover [2][4][5] - The land market is experiencing a divide between "top performers" and "underperformers," with residential land transaction volume increasing by 18.4% year-on-year and land transfer fees rising by 45%, indicating a recovery in market confidence [2] - Private real estate companies are returning to the land market, accounting for nearly 30% of the top 100 land acquirers in the first half of the year, suggesting a gradual restoration of confidence among these firms [2] Group 2 - In the new and second-hand housing markets, the average price of second-hand homes in 100 cities fell by 3.60% in the first half of 2025, while new home prices increased by 1.16%, driven by the introduction of quality improvement projects [4] - A series of favorable policies have been implemented, leading to a stabilization of the real estate market, with indications that the worst period may be over and a potential rebound is on the horizon [4][5] - The market is expected to improve gradually, with a focus on three key metrics: the number of homes sold, price trends, and investment from real estate companies, which need to show upward movement for true stability [4][5]