Group 1: Second-hand Housing Market - From January 1 to February 7, 2026, second-hand housing sales in 22 cities decreased by 19.9% year-on-year, with first-tier cities seeing a decline of 14.4%[10] - After adjusting for the lunar calendar, national and first-tier second-hand housing sales showed a year-on-year decline of -16% and -26.8%, respectively, although this is an improvement from December 2025's -27.9% and -37.4%[10] - The average price of second-hand homes in January 2026 decreased by 0.85% month-on-month, a slight improvement from December's 0.97%[14] - The total number of second-hand homes listed in January 2026 was 2.56 million, a decrease from December 2025, consistent with seasonal trends[22] Group 2: New Housing Market - New housing sales in 67 cities from January 1 to February 7, 2026, decreased by 7.2% year-on-year, with a lunar calendar-adjusted decline of -44.7%[27] - The average price of new residential properties in January 2026 was 17,000 yuan per square meter, reflecting a month-on-month increase of 0.18%[32] - The inventory of unsold residential properties stood at 400 million square meters as of December 2025, with a sales cycle extending from 5.8 months to 6.6 months due to declining sales[33] - The total inventory, including land and pre-sold properties, was 5.1 billion square meters, with the overall sales cycle increasing from 78 months to 84 months[33]