1月二线城市新房价格环比跌幅收窄，二手房价现企稳信号

Core Viewpoint - The new housing market in second-tier cities shows signs of price stabilization, with a narrowing decline in sales prices in January 2026 compared to previous months, indicating a potential recovery phase in the real estate market [1][2]. Group 1: New Housing Market Trends - In January 2026, first-tier cities saw a 0.3% month-on-month decline in new residential sales prices, while second-tier cities experienced a 0.3% decline, narrowing by 0.1 percentage points [1]. - Year-on-year, first-tier cities' new housing prices fell by 2.1%, with the decline expanding by 0.4 percentage points compared to the previous month; second and third-tier cities saw declines of 2.9% and 3.9%, respectively, with both declines also widening [1]. - The easing of price declines in second-tier cities reflects a gradual stabilization, supported by existing housing demand and improved market expectations [1]. Group 2: Second-Hand Housing Market Insights - The second-hand housing market shows a notable narrowing of price declines, with first-tier cities experiencing a 0.5% month-on-month decrease, a reduction of 0.4 percentage points from the previous month [3]. - The 70-city second-hand housing price index fell by 0.5% in January, marking the lowest decline since August of the previous year, indicating a potential stabilization in the market [3]. - Core cities are witnessing a shift in landlord attitudes, with a decrease in listing volumes and improved transaction efficiency, suggesting a healthier market dynamic [3][4]. Group 3: Market Outlook and Policy Implications - The overall real estate policy direction is expected to remain focused on stabilizing the market and expectations, with a continued emphasis on targeted measures based on local conditions [4]. - The first quarter of 2026 is seen as a critical period for market trends, with expectations that new housing prices in first-tier cities may gradually stabilize and year-on-year declines may continue to narrow [4][5]. - Despite a rebound in transaction volumes, the stability of the market remains uncertain, with the sustainability of policy effects post-Spring Festival being a key factor for future demand [5].