十一小长假二手房市场深度调整，广州、重庆表现突出

Core Insights - The second-hand housing market during the National Day holiday in 2025 showed a complex situation characterized by ongoing policy benefits, the impact of tourism, and increasing urban differentiation [1][2]. Market Overview - The average daily housing search heat in 60 key cities was 126.05 during the National Day holiday, a decrease of 10.54% compared to 2024 and 16.60% compared to 2023. This indicates a continued adjustment trend, although the decline from the previous 30 days' average of 130.99 was only 3.77%, suggesting market sentiment is stabilizing [3][5]. Policy Impact - Various policies, including housing subsidies and relaxed purchase restrictions, were implemented before and during the holiday, boosting market confidence from both demand and supply sides. However, tourism during the holiday diverted some potential homebuyers, slightly suppressing market activity [1][2]. Urban Differentiation - There is a notable divergence between cities. First-tier and new first-tier cities showed stronger market resilience, with Guangzhou experiencing an 8.89% year-on-year growth and Chongqing leading new first-tier cities with a 15.20% growth rate. In contrast, second-tier and lower-tier cities faced significant adjustment pressures, with cities like Nantong and Xianyang seeing declines exceeding 30% [2][9]. City-Level Performance - First-tier cities had an average daily heat of 127.60, down 5.42% from 2024, showing the smallest decline and highest stability. New first-tier cities averaged 130.46, down 4.02%, while second-tier cities averaged 125.96, down 13.05%, indicating greater volatility. Third and fourth-tier cities had the largest decline at 13.78% [9][10][12]. Recent Policy Developments - A series of policies aimed at stimulating the housing market were introduced, which are expected to have varying impacts across different city tiers. High-tier cities are beginning to stabilize, while lower-tier cities continue to experience deep adjustments [21].