房地产行业：2026年01月百城二手房市场月报-20260205

Investment Rating - The report indicates a continued adjustment in the second-hand housing market, with a focus on structural changes and a buyer-dominated market, suggesting a cautious investment outlook for the sector [10][12]. Core Insights - The second-hand housing market is in a phase of bottoming out and waiting for recovery, with significant structural changes across key dimensions. Supply and demand dynamics are showing contrasting trends, with new first-tier and second-tier cities driving supply growth, while demand in high-tier cities remains weak [10][12]. - The liquidity and price adjustments are ongoing, with a general trend of prolonged listing durations and price declines across all city tiers. The report highlights that the second-tier cities are under the most pressure, while core cities exhibit stronger resilience against price drops [10][12]. - Policy measures are being tailored to different cities, with first-tier cities shifting focus from stabilizing second-hand transactions to enhancing new housing market activity through various supportive measures [11][12]. Summary by Sections 1. Second-hand Housing Listing Volume - In January 2026, the total listing volume for second-hand housing reached 2.56 million units, showing a typical hierarchical distribution where higher-tier cities have larger listing volumes. The growth rate is uneven, with new first-tier and second-tier cities leading in supply increases [14][15]. - The year-on-year growth rates for new first-tier and second-tier cities are 7.19% and 7.47%, respectively, while third and fourth-tier cities experienced a decline of 2.40% [16]. 2. Housing Search Heat Index - The search heat index for second-hand housing shows significant differentiation, with third and fourth-tier cities having the highest heat index at 71.26, while first-tier cities lag behind at 64.67. All city tiers show positive year-on-year growth, but the growth rates vary significantly [25][26]. 3. Listing Duration - The average listing duration for second-hand housing in January 2026 was 96.5 days, with first-tier cities experiencing the longest durations at 108.7 days. The report notes that the liquidity is generally declining, with significant differences in listing durations across city tiers [34][36]. 4. Average Listing Price - The average listing price for second-hand housing continues to decline, with all city tiers experiencing price drops between 5% and 16%. The largest decline is observed in second-tier cities at -10.52%, while first-tier cities show a smaller decline of -8.82% [42][43].