供需结构有变化，二手房成新晋顶流，不是市场火了而是价格到位了

Core Insights - The second-hand housing market is undergoing a "value reassessment," with a notable phenomenon where new homes are priced significantly higher than second-hand homes in the same community, indicating a shift in consumer purchasing preferences from new to second-hand properties [1][4]. Market Restructuring - The national housing and urban-rural construction work conference has signaled that the real estate market still has development potential, but the approach must shift towards "high quality," emphasizing the importance of optimizing existing housing stock [2][10]. - The proportion of second-hand home transactions in the overall real estate market is increasing annually, with some key cities reporting that the transaction area of second-hand homes has surpassed that of new homes [2][4]. Supply and Demand Dynamics - The price inversion phenomenon reflects fundamental changes in supply and demand, with ample new home supply and developers facing cash flow pressures leading to increased promotional efforts [4][12]. - The market is transitioning from a seller's market to a buyer's market due to increased competition among second-hand home sellers, resulting in changing buyer and seller mindsets [4][12]. Buyer Behavior Changes - Homebuyers are becoming more rational, prioritizing cost-effectiveness over the traditional preference for new homes, with many opting for well-located second-hand homes in core urban areas instead of new homes in suburban locations [6][10]. - Practical needs such as commuting time, educational facilities, and convenience are becoming key decision-making factors, replacing the previous focus on the age of the property [6][10]. Policy Adaptation - Multiple cities have introduced "mortgage transfer" policies to simplify second-hand home transactions, effectively reducing transaction costs and time [6][10]. - Over 100 cities have implemented similar policies, enhancing the convenience of second-hand home transactions [6][10]. Upgrading Existing Housing Stock - Nationwide, the renovation of old residential communities is ongoing, with over 300 new projects launched in Beijing in 2023, benefiting hundreds of thousands of residents [7][14]. - Various models of community renovation are being explored, improving both the physical and management aspects of old neighborhoods, leading to increased property values and resident satisfaction [7][14]. Young Buyers' Influence - Young people are becoming a significant force in the second-hand housing market, with their practical needs for convenient commuting and comprehensive living facilities driving demand for well-located second-hand homes [7][14]. Rental Market Synergy - The rental market is interlinked with the second-hand housing market, with some cities promoting "rent-to-buy" initiatives, providing stability in rental demand that supports the second-hand market [7][14]. Quality Focus - There is a growing emphasis on housing quality, with buyers increasingly valuing design, construction quality, and energy efficiency over mere size [8][14]. - Digital technologies are transforming transaction methods, enhancing efficiency and transparency in second-hand home transactions [8][14]. Healthy Development Ecosystem - The real estate market is entering a new development phase, moving away from high-leverage, high-turnover models towards a more stable and healthy growth consensus [10][12]. - The active second-hand housing market contributes to a virtuous cycle in the overall market, facilitating better resource allocation [10][12]. Market Stabilization - Market expectations are gradually stabilizing, with both buyers and sellers developing a more rational understanding of prices, leading to reduced volatility and increased transaction activity [12][16]. - Financial institutions are adjusting strategies to enhance support for second-hand home loans, introducing more flexible financial products tailored to the unique characteristics of second-hand transactions [12][16]. Professionalization of the Industry - The professionalism of real estate services is improving, with better-trained personnel and more transparent information disclosure, enhancing the industry's image and social acceptance [14][16]. - Urbanization continues, with ongoing population concentration in urban areas, sustaining housing demand despite changing demand structures [14][16].