Core Indicators - The overlap between new and second-hand housing markets slightly decreased by 0.2 percentage points in July 2025, with a customer overlap rate of 11.8%, indicating a stable market share ratio between the two markets, remaining below 20% [2][4] - The proportion of buyers focusing on second-hand houses remains dominant, accounting for 62.1% in July 2025, despite a slight month-on-month decline of 1.4 percentage points, but up 2.5 percentage points year-on-year [5] - The diversion intensity of the second-hand housing market decreased slightly to 28% in July 2025, down 1.4 percentage points month-on-month, but up 5.2 percentage points year-on-year [7] Market Response - The housing search heat index for both new and second-hand houses continued to decline in July, with new housing search heat dropping by 7.9 and second-hand by 2.1, indicating a potential decrease in transaction volumes for August [12] - The average monthly proportion of buyers looking for second-hand houses from January to July 2025 reached 66%, a 4 percentage point increase from the previous year, while the transaction proportion for second-hand houses rose from 61% to 64% [14] Summary - In July 2025, the overlap between new and second-hand housing markets showed a slight decline, with lower overlap in higher-tier cities. The proportion of buyers looking for second-hand houses remains above 50%, while the diversion intensity from second-hand to new houses has slightly decreased [16] - The overall market is expected to see a slight decline in transaction volumes in August, but the reduced diversion pressure from second-hand to new houses may present opportunities for the new housing market [16]