十一新房短暂下降后修复上升，环比上涨11.2%

Overall Market Trend - The sales of new residential properties in China from January to August 2025 decreased by 7.3% year-on-year, with the decline rate increasing by 0.8 percentage points compared to July [1] - During the National Day holiday, over 300 million people traveled across regions, leading to a temporary diversion of home-buying demand, with a notable drop in online property search heat in major cities [1] - Post-holiday, there is an expectation for a market rebound due to resilient home-buying intentions and supportive policies [1] Year-on-Year Comparison - The average daily online property search heat for the National Day holiday in 2023, 2024, and 2025 for 60 key cities was 138.2, 124.9, and 69.8 respectively, indicating a significant year-on-year decline of 44.1% in 2025 compared to 2024 [3] - Despite the introduction of various supportive policies in the second half of the year, the substantial drop in online search heat reflects a slow recovery in buyer confidence and demand release [3] City Tier Analysis - The average daily online property search heat during the holiday for first-tier, new first-tier, second-tier, and third/fourth-tier cities was 77.0, 67.8, 70.4, and 68.5 respectively, showing a clear tiered differentiation [5] - All city tiers experienced significant year-on-year declines, with second-tier cities seeing the largest drop of 46.3% [5] Month-on-Month Changes - The month-on-month increase in online property search heat during the holiday ranged from 7% to 14% across different city tiers, with third/fourth-tier cities showing the highest increase of 13.9% [7] - This indicates ongoing market recovery, although long-term confidence remains insufficient [7] First-Tier Cities Performance - In first-tier cities, the online property search heat during the National Day holiday in 2025 was led by Shanghai (99.0), followed by Shenzhen (91.5), Guangzhou (70.9), and Beijing (46.7), all showing significant declines compared to previous years [9] - The recent policy changes in first-tier cities have not yet restored online search heat to previous levels, indicating a more rational decision-making process among buyers [9]