Core Insights - The current real estate market is characterized by a significant "supply increase and demand decrease" trend, with a notable rise in the number of second-hand homes listed for sale and a decline in buyer interest [1][3][11]. Supply Side - The number of second-hand homes listed in 100 cities reached 2.5856 million units, a year-on-year increase of 11.58%, with the largest increases seen in third- and fourth-tier cities (+13.26%) and new first-tier cities (+12.99%) [3][5]. - Cities like Shenzhen (+36.66%) and Quanzhou (+119.42%) experienced substantial increases in listings, indicating a growing willingness among homeowners to sell [1][7]. Demand Side - The housing search heat index fell by 3.11% year-on-year, with declines across all city tiers, particularly in second-tier cities like Nantong (-10.11%) and Hangzhou (-5.81%), reflecting a strong market hesitation [11][13]. - The overall market sentiment remains weak, despite ongoing policy initiatives aimed at stimulating demand [11][12]. Price and Liquidity - The average listing price for second-hand homes dropped by 8.5% year-on-year, with the most significant declines in second-tier cities (-10.22%), particularly in Xiamen (-18.66%) and Hefei (-14.74%) [26][28]. - The average listing duration increased by 5.23% year-on-year, with first-tier cities experiencing an average transaction period exceeding 103 days, indicating deteriorating liquidity [19][20]. Key Characteristics - The increase in listings coupled with declining prices has led to a negative feedback loop, where buyer hesitation intensifies as prices continue to fall [1][19]. - High-tier cities like Beijing and Shanghai show stronger price resilience, but liquidity risks are rising, as evidenced by a 12.23% increase in listing duration in Shanghai [1][19]. - Lower-tier cities face "double pressure" from both volume and price declines, with some cities like Quanzhou and Mianyang seeing a surge in listings without sufficient demand support, leading to significant inventory pressures [1][19]. Policy Factors - Recent policies aimed at stimulating the market, such as "old-for-new" exchanges and housing vouchers, are being implemented in various cities, but their effectiveness and execution remain to be observed [2][4].