杭州房价，卷疯了！

Core Viewpoint - The real estate market in Hangzhou is experiencing significant price declines, with a notable trend of properties selling faster when prices are reduced by 10% to 30% [2][5][15]. Group 1: Price Trends - Nearly 70% of properties sold on the Beike platform from June to August this year had their prices reduced by 10% to 30% within 180 days, while properties with less than 5% price reduction had a sale rate of less than 5% [2]. - In August, the average price of second-hand homes in Hangzhou fell below 27,000 yuan per square meter, marking a significant decline from earlier this year [7][8]. - The number of second-hand homes listed for sale in Hangzhou reached a record high of 163,600, reflecting a 1% increase from the previous year [24]. Group 2: Market Activity - The number of second-hand homes sold in Hangzhou dropped to 6,633 units in August, a 7.4% decrease from July and a slight year-on-year decline of 0.88% [5][7]. - The peak of the market activity occurred in March, with 12,413 second-hand homes sold, but the momentum sharply declined in subsequent months [7][8]. Group 3: Economic Factors - The overall decline in the real estate market is attributed to a lack of purchasing power, as housing prices have outpaced the economic capacity of residents in various cities, including Hangzhou [10][20]. - The national real estate investment has seen a continuous decline, with a reported drop of 9.5% in 2023 and projected further declines in subsequent years [11][12]. - The wealth effect, which typically supports real estate markets, has diminished, leading to a continued adjustment phase in Hangzhou's housing market [15][20].