行业透视｜价格筑底刚需发力，二手房延续回稳态势

Core Viewpoint - The second-hand housing market shows signs of stabilization in June, with an increase in the proportion of price-increasing communities, particularly in core cities, indicating a potential recovery trend in the market [2][20]. Group 1: Price Trends - In June, 48.3% of second-hand housing communities experienced a month-on-month price increase, up 3.4 percentage points from the previous month, while the number of high-frequency trading communities slightly decreased to 4,412, remaining above the average level since 2025 [2][20]. - The average listing price continues to decline, with 71.6% of communities seeing a drop in listing prices, an increase of 5.7 percentage points from May, indicating a persistent willingness among sellers to lower prices [3][20]. Group 2: City Performance - Nanjing and Suzhou lead with 56% of communities experiencing price increases, primarily due to recovery in previously underpriced areas, although transaction volumes in Nanjing still fell over 20% year-on-year [5][20]. - In contrast, Hangzhou saw only 47% of communities with price increases, failing to maintain a streak of over 50% for five consecutive months, largely due to price corrections in higher-end properties [5][20]. Group 3: Bargaining Space - The average bargaining space for second-hand homes in typical cities decreased to 15.1%, down 0.3 percentage points, marking a three-month low, suggesting that buyer and seller price expectations are converging [11][20]. - High-end communities have the lowest average bargaining space at 11%, indicating a more significant adjustment in prices for high-value properties compared to other segments [14][20]. Group 4: Product Type Differentiation - Among different community types, 49% of first-time buyer communities saw price increases, the highest among all categories, while improvement and high-end communities lagged behind due to increased competition from the new housing market [17][20]. - The overall transaction volume for second-hand homes remained flat year-on-year, with a noticeable slowdown in growth momentum compared to the average 12% increase in the first half of the year [17][20]. Group 5: Market Outlook - The second-hand housing market is expected to stabilize gradually in the second half of the year, supported by various policy measures aimed at increasing urban housing demand and improving the livability of existing residential areas [23][20].