Core Insights - The central viewpoint of the report indicates a significant decline in public confidence regarding future housing prices, with only 9.1% of respondents expecting an increase in the next quarter, while 23.5% anticipate a decrease [1][3]. Group 1: Market Sentiment - The survey, conducted across 50 cities with 20,000 respondents, shows that the proportion of residents expecting housing price increases has fallen below 10% for two consecutive quarters, indicating a lack of belief in price growth [3]. - Historical data reveals three notable declines in housing price expectations since 2019, with the most recent drop occurring from Q2 2025, where the percentage of those expecting price increases fell to 8.9% [5]. Group 2: Economic Indicators - The report highlights a downward trend in residents' income and employment perceptions, correlating with the decline in housing price expectations [5]. - In Q3 2025, only 19.2% of residents preferred "more consumption," a decrease of 4.1 percentage points from the previous quarter, while 62.3% favored "more savings" [7]. Group 3: Changing Consumer Behavior - The preference for "home buying" has dropped out of the top five spending choices for the first time in three quarters, contrasting with its previous consistent ranking among the top four choices [9]. - The actual housing prices are also declining, with new residential sales prices in 70 major cities dropping by 0.53% month-on-month in March 2025 [9]. Group 4: Demographic Trends - A significant demographic shift is noted, with a predicted reduction of 21 million potential homebuyers by 2030, as the total population has declined for three consecutive years [11][13]. - The average housing price-to-income ratio in major cities is alarmingly high, with first-tier cities reaching 18.2, indicating a severe mismatch between housing prices and residents' purchasing power [15].