楼市变局：房价收入比失衡与土地市场降温，购房者该如何应对？

Group 1 - The Chinese real estate market is undergoing significant changes, with slower price growth expected in many cities by the end of 2024 and early 2025, and some second and third-tier cities experiencing price declines [1] - The ratio of housing prices to income is concerning, with families in first-tier cities needing an average of 18.7 years of income to afford a home, significantly higher than the international standard of 3 to 6 years [3] - The debt burden on residents is increasing, with the debt-to-income ratio projected to reach 62.3% by June 2025, making it difficult for young people to afford homes [3] Group 2 - The slowdown in home sales is affecting developers' cash flow, leading to a lack of confidence in the market and a decrease in land purchases, with land sales in 300 cities dropping by 23.7% year-on-year in the first half of 2025 [5] - The average price of second-hand homes in early 2025 is expected to be 7.3% lower than the listing price, providing buyers with more negotiation power [7] - The government may introduce new policies to stabilize housing prices and expectations, as the current market conditions present both challenges and opportunities for homebuyers [7]