Core Viewpoint - The Beijing second-hand housing market is experiencing a seasonal slowdown in activity, with an increase in listings and a shift in pricing dynamics as sellers adjust their expectations and buyers maintain a strong negotiating position [3][4][8]. Group 1: Market Activity - In April, the number of signed contracts for second-hand homes in Beijing was 15,569, representing a month-on-month decrease of 19.05% but a year-on-year increase of 16.59% [3]. - The overall market activity has declined compared to March, with a decrease in consultation, viewing, and transaction volumes, indicating a return to normalcy after the post-Spring Festival surge [3][4]. - The number of listings for second-hand homes in April increased by 3.7% compared to March, indicating ongoing pressure for market absorption [5]. Group 2: Pricing Dynamics - The average listing price for second-hand homes in Beijing in April was 87,100 yuan per square meter, down 0.7% month-on-month and 2.9% year-on-year [8]. - The bargaining space for buyers has narrowed by 0.27 percentage points compared to March, yet buyers still hold a significant advantage in negotiations [8]. - Sellers are increasingly adjusting their prices, with some urgent sellers willing to reduce prices by 5-8% to facilitate quicker sales [9]. Group 3: Market Outlook - The market is expected to continue facing downward pressure on prices as the "small spring" effect diminishes, with predictions of a slight decrease in transaction volumes and prices if no new policies are introduced [10]. - The upcoming May market is anticipated to maintain a steady volume but may see slight price declines due to increased listings and ongoing buyer caution [10].