上半年法拍房大数据出炉，成交量达8.36万套，同比增长27.64%

Core Insights - The report indicates that the national real estate judicial auction market in the first half of 2025 continues to experience structural clearing, with high levels of listings and transactions, but asset prices remain under pressure [1][5]. Supply and Demand Analysis - The total number of listings reached 576,600 units, an 18.80% year-on-year increase, while transaction volume was 83,600 units, a significant 27.64% year-on-year increase [1][4]. - The average transaction rate for the first half of 2025 was 14.49%, showing a 1 percentage point increase from the same period last year, although it remains at a historically low level [1][5]. Quarterly Performance - In Q1 2025, the market saw a decline in both listings and transactions due to high base effects from late 2024, with listings dropping to 273,600 units and transactions to 40,000 units [3]. - In Q2 2025, listings increased to 303,000 units and transactions rose to 43,600 units, marking a 9.06% quarter-on-quarter growth, although the transaction rate slightly decreased to 14.38% [3][4]. Pricing Trends - The average discount for asset realization in Q2 2025 fell to 76.53%, a decrease of 1.6 percentage points from Q1, indicating a continued trend of "price for volume" [3][5]. - The average discount for the first half of 2025 was 77.29%, down 3.58 percentage points from the first half of 2024, marking the lowest level in recent years [5]. Auction Participation - The total number of bidders reached 372,100, the highest in nearly three years, with an average of 4.45 participants per transaction [5][9]. - In Q2 2025, the average number of bidders per auction rose to 4.70, the highest quarterly figure since 2020 [5]. Asset Type Dynamics - Residential assets accounted for 48.42% of listings but 67.76% of transactions, indicating a significant liquidity advantage despite a decrease in listing share [9][10]. - Commercial assets had a listing share of 25.84% but only 17.82% of transactions, highlighting a persistent "high listing, low transaction" characteristic [9][10]. Market Segmentation - In first-tier cities, the auction market remains resilient, with Shenzhen and Shanghai achieving transaction rates of 51.91% and 55.73%, respectively [10]. - Second-tier cities show significant internal differences, with cities like Hangzhou and Chongqing performing well, while others like Nanjing and Tianjin maintain moderate activity [11]. - Third-tier cities exhibit low overall transaction levels, with some cities like Wenzhou and Sanya showing higher activity, while others struggle with severe supply-demand imbalances [13].