一线城市房价的崩盘：一场"割肉大赛"的残酷现实 曾经高高在上的"一线城市房价"，如今正经历着前所未有的寒冬。中指研究院最新数据显示，6月份百城二手房价格环比全线下跌，跌幅达0.75%，同比跌幅 更是高达7.26%。这其中，一线城市的跌势尤为令人担忧：5月份环比跌幅为0.36%，6月份直接扩大至0.56%，而二线城市和三四线城市的跌幅分别为0.81% 和0.76%，形势同样严峻。 这并非简单的0.75%的微小波动。如果每个月都以0.75%的速度下跌，一年下来，房价将缩水近9%。对于首付仅占房价15%的购房者而言，这意味着不到两 年时间，他们的首付可能就将化为乌有——这无疑是一场残酷的"纸钱盛宴"。 更令人不安的是，一线城市房价下跌的趋势正在加速，曾经被寄予厚望的"价 格坚挺"如今已成为泡影。 一些专家建议全面放开一线城市限购政策，然而，这一建议也引发了业主的担忧：万一放开限购后房价继续下跌，那楼市最后的 信心也将彻底崩塌。 首先，二手房挂牌量激增。北京二手房挂牌量突破15万套，上海突破20万套，深圳和广州的情况也同样不容乐观。这表明，炒房客对未来房价失去了信心， 市场供应过剩导致价格下行压力骤增。 这就像菜市场 ...

Investment Rating - The report does not explicitly state an investment rating for the real estate sector Core Insights - The second-hand housing market in 100 cities saw a total listing of 2.3717 million units in February 2025, representing a year-on-year increase of 33.2% [13] - The listing volume increased across all city tiers, with first-tier cities up by 29.6%, new first-tier cities by 26.0%, second-tier cities by 37.7%, and third and fourth-tier cities by 47.6% [13] - The housing search heat index for the second-hand market rose by 5.6% year-on-year in February 2025, with first-tier cities increasing by 10.0%, new first-tier cities by 7.9%, second-tier cities by 6.2%, and third and fourth-tier cities by 4.3% [20] - The average listing price per square meter in first-tier cities was 49,841 yuan, down 8.6% year-on-year, while new first-tier cities saw an average of 17,266 yuan, down 9.9% [12][20] Summary by Sections Listing Volume - In February 2025, the listing volume in first-tier cities was 746,000 units, new first-tier cities 594,000 units, second-tier cities 253,000 units, and third and fourth-tier cities 80,000 units [8][13] Search Heat Index - The search heat index for first-tier cities was 68.1, new first-tier cities 71.2, second-tier cities 71.5, and third and fourth-tier cities 75.2, showing increases across all categories [10][20] Listing Duration - The average listing duration was 112.3 days for first-tier cities, 94.9 days for new first-tier cities, 95.5 days for second-tier cities, and 104.2 days for third and fourth-tier cities, with year-on-year increases of 14.6%, 4.9%, 2.8%, and 6.0% respectively [11][29] Average Listing Price - The average listing price per square meter in first-tier cities was 49,841 yuan, new first-tier cities 17,266 yuan, second-tier cities 12,824 yuan, and third and fourth-tier cities 8,227 yuan, all showing year-on-year declines [12][20]