Core Insights - The current trend in the housing market indicates that landlords are increasingly questioning how much they need to lower their prices to sell their properties successfully [1] - Data from the Hangzhou Beike Research Institute shows that nearly 70% of homes sold between June and August this year had to reduce their prices by 10% to 30% within 180 days to complete the sale [5][6] Price Reduction Trends - In August, 29.8% of the sold second-hand homes had a price reduction of 20-30%, while 38.0% had a reduction of 10-20%, indicating that close to 70% of homes required a price cut of around 20% to sell [5] - The proportion of homes with price reductions exceeding 30% increased from 11.1% in June to 13.4% in August, while the share of homes with reductions of 5% or less decreased from 5.7% in June to 4.7% in August [5][6] Popular Districts and Price Cuts - The percentage of discounted homes in popular districts is also on the rise, with Qianjiang Century City seeing an increase from 84% last year to 89% this August, and Shinhua rising from 88% to 91% [5][7] - Other districts such as Nanbu Wocheng, Chengxi Wencao, Gouzhuang, and Yunhe New City all reported over 90% of homes being discounted in August [5][7] Overall Market Condition - The overall proportion of discounted homes on the Beike platform has reached 94%, marking the highest level in 2023, indicating a downward trend in the second-hand housing market and an intensifying price-cutting strategy to boost sales [6] Differences in Property Types - There is a notable difference in price expectations between newer and older properties, with landlords of newer homes generally having higher initial price expectations compared to those of older homes, who tend to price more realistically based on market conditions [8] - For example, a property in the He Ping community was initially listed at 4.18 million yuan but sold for 3.59 million yuan after a series of price reductions, reflecting a less than 10% difference from the final sale price [8][9]