2月供应回落成交回暖，法拍房市场显企稳信号

Investment Rating - The report indicates a stable recovery in the auction housing market, with a positive outlook for the first half of 2025 [5][7]. Core Insights - The auction housing market in February 2025 shows signs of stabilization, characterized by a decrease in supply, an increase in transaction volume, and a recovery in buyer confidence [5][7]. - The total number of newly listed auction properties was 26,000, a decrease of 7% month-on-month and a slight decline of 2% year-on-year, while transaction volume increased by 7% month-on-month to 4,100 units [5][6]. - The national transaction rate rose to 28%, an increase of 8 percentage points from the previous month and 10 percentage points year-on-year, indicating a significant boost in buyer confidence [5][16]. Summary by Sections Supply Volume - In February 2025, the supply of auction properties continued to decline, with 26,000 new listings, a 7% decrease month-on-month and a 2% decrease year-on-year [5][8]. - Major cities like Chongqing and Chengdu led in supply, each with over 1,000 new listings, while Guangzhou saw a significant increase in total listing value due to concentrated listings in the Huadu District [9]. Transaction Volume - The transaction volume for auction properties in February 2025 reached 4,100 units, reflecting a 7% increase month-on-month but an 18% decrease year-on-year [12][13]. - Shenzhen led the market with a transaction value of 1.04 billion, followed by Shanghai at 530 million [13]. Transaction Rate - The transaction rate for auction properties in February 2025 was 28%, up 8 percentage points from the previous month and 10 percentage points year-on-year, with Hangzhou achieving the highest rate at 47% [16][19]. Discount Rate - The average starting discount rate for auction properties was 30.3%, up 1 percentage point month-on-month, while the average transaction discount rate was 32.1%, down 0.8 percentage points [22][26]. - The narrowing gap between starting and transaction discount rates indicates a convergence in price expectations between buyers and sellers [22][26].