今日视点：积极因素叠加 楼市向企稳修复过渡

Core Viewpoint - The real estate market in China is showing signs of structural adjustment and stabilization, with a gradual recovery in housing prices across major cities as demand resilience becomes evident [1][2]. Group 1: Market Trends - In January 2026, housing prices in 70 major cities showed a narrowing decline, indicating a positive shift in the market [1]. - The second-tier cities experienced a 0.3% month-on-month decrease in new home prices, a reduction of 0.1 percentage points from the previous month [2]. - First-tier cities saw a 0.5% decline in second-hand home prices, with the drop narrowing by 0.4 percentage points compared to the previous month [2]. Group 2: Policy Impact - Continuous policy efforts and orderly demand release are stabilizing the market fundamentals, with various local governments implementing supportive measures [1]. - The extension of the housing tax rebate policy and the support for urban renewal are contributing to increased market activity, particularly in core cities [2][3]. - The number of cities where new home prices have stopped declining has increased to 12, indicating a broader recovery in the new housing market [3]. Group 3: Regional Developments - Shanghai's second-hand housing market has shown significant activity, with January transactions reaching 22,834 units, the highest in five years for the same period [3]. - New first-tier and key second-tier cities are experiencing a stabilization in new home prices, with cities like Wuhan and Qingdao showing increased market activity [3]. - The trend of improving housing quality and supply is becoming evident, with more cities signaling structural stabilization in housing prices [3].