又隐藏房价了，楼市不慌，那是假的！

Core Insights - The disappearance of transaction prices for second-hand homes in Shanghai by Lianjia reflects a broader trend in major cities facing declining property prices, with at least 15 cities experiencing similar actions during price downturns [2][4] - The current real estate market is characterized by a significant drop in transaction volumes and prices, particularly in first-tier cities, indicating a state of panic among market participants [4][10] Market Trends - In July 2025, Shanghai's second-hand home transactions fell to 19,337 units, a 7% decrease from the previous month, marking the first time since March 2025 that transactions dropped below 20,000 [4] - The average price of second-hand homes in Shanghai decreased by 0.9% month-on-month, with a year-on-year decline of 2.2% [4] - The average transaction cycle for second-hand homes in first-tier cities has increased to 103 days, reflecting a growing hesitance among buyers [12] Price Dynamics - A price war is evident in the market, with the total number of second-hand homes listed across 100 cities reaching 2.5856 million, an 11.58% year-on-year increase [7] - In cities like Foshan, sellers are significantly reducing prices to stimulate sales, with one seller dropping the price by 120,000 yuan [5][15] - The phenomenon of "increased volume with decreased prices" is likened to a patient relying on fever-reducing medication, indicating underlying market weakness [10][11] Buyer Behavior - Buyer interest is waning, with a notable decline in the search activity for homes, particularly in new first-tier cities like Hangzhou, where the search index dropped by over 5% [8] - The demographic of homebuyers is shifting, with over 45% of buyers in Chen Village being millennials, focusing on key factors such as proximity to metro lines and school districts [9] Policy Impact - Recent policy changes, such as the easing of purchase restrictions in Beijing, have led to a 20% to 30% increase in viewings for certain properties [17] - In cities like Wuhan and Hangzhou, the sales ratios of popular projects have improved, indicating a potential recovery in specific segments of the market [17] - The real estate sector saw a 1.70% increase following the central bank's report on promoting affordable housing loans, suggesting a positive response to policy measures [17]