Core Viewpoint - The article indicates that the second-hand housing market is showing signs of bottoming out, with price fluctuations and trading volumes stabilizing, while the average negotiation space has reached a new low [2][20]. Group 1: Market Trends - In May, 44.9% of second-hand housing communities saw price increases, a decrease of 7 percentage points from the previous month, indicating a price adjustment phase [4][20]. - Core cities experienced a 2% year-on-year increase in second-hand housing transaction volume, suggesting that prices are approaching a temporary bottom [4][20]. - The proportion of communities with rising listing prices was only 34.1%, while the percentage of communities with declining prices has been increasing month by month, reflecting the ongoing inventory reduction efforts [5][20]. Group 2: Price Indicators - The average negotiation space for second-hand housing in typical cities fell to 15.4%, a decrease of 0.1 percentage points, marking a new low since 2024 [11][20]. - The narrowing negotiation space indicates a convergence of price expectations between buyers and sellers, supported by urban renewal and special debt storage initiatives [11][20]. Group 3: Segment Analysis - High-end communities saw a significant price adjustment, with only 46% experiencing price increases, a drop of 12 percentage points from the previous month [16][21]. - The negotiation space for high-end communities is the lowest among all types at 12%, while the first-time buyer segment maintains the highest negotiation space at 18%, indicating ongoing price pressure in that segment [16][21]. Group 4: Future Outlook - The second-hand housing market is at a critical adjustment phase, with policy support and market recovery forces creating a resonance effect [21]. - The gradual alleviation of inventory issues and the enhancement of living value through urban renewal are expected to provide a solid foundation for price stabilization [21].