一线二手房 “补跌” 再发酵：核心区价格松动，买房人该怎么看？

Core Viewpoint - The real estate market in China is experiencing a significant divergence, with first-tier cities facing a continuous decline in second-hand housing prices, while the new housing market remains relatively stable [1][5]. Group 1: Second-Hand Housing Market - In August, second-hand housing prices in first-tier cities fell by 1.0% month-on-month, marking the fifth consecutive month of decline, with a notable "catch-up" drop over the past four months [1][3]. - The month-on-month decline in first-tier cities has been increasing, from 0.2% in April to 1.0% in August, indicating a strengthening downward trend [3]. - Among the four first-tier cities, Beijing experienced the most significant decline at 1.2%, followed by Shanghai (1.0%), Guangzhou (0.9%), and Shenzhen (0.8%), highlighting a more severe adjustment in northern cities [3]. - Year-on-year, Guangzhou led with a 7.6% decline, while Shenzhen, Beijing, and Shanghai saw decreases of 3.7%, 2.3%, and 1.6% respectively, indicating a downward shift in market valuations [3]. Group 2: New Housing Market - In contrast to the second-hand market, new housing prices in first-tier cities only fell by 0.1% month-on-month in August, significantly less than the decline in second-hand prices [5]. - Shanghai's new housing prices even increased by 0.4%, while Beijing, Guangzhou, and Shenzhen saw minor declines of 0.4%, 0.2%, and 0.4% respectively, all lower than the adjustments in the second-hand market [5]. - The resilience of new housing prices in first-tier cities reflects strategic pricing control by developers and local price regulation policies, contrasting with the pressures faced by second and third-tier cities [5]. Group 3: Market Dynamics and Implications - The current real estate market is undergoing a critical structural adjustment, with the ongoing "catch-up" decline in second-hand housing prices and signs of price softening in core urban areas [5][6]. - The divergence between new and second-hand housing markets, along with the differences across city tiers, suggests a need for a multi-dimensional approach to understanding market trends [5]. - For stakeholders in real estate and finance, closely monitoring transaction data and price changes in core urban areas will be essential for assessing market bottoming [6].