Core Viewpoint - The real estate market in China is experiencing a continuous decline in housing prices across first, second, and third-tier cities, as indicated by the June data released by the National Bureau of Statistics [1][3]. New Housing Prices - In June, the sales prices of newly built residential properties in first-tier cities decreased by 0.3% month-on-month, with the decline widening by 0.1 percentage points compared to the previous month [3]. - Among first-tier cities, only Shanghai saw a month-on-month increase of 0.4% in new housing prices, while the other three cities experienced declines [3]. - The increase in Shanghai's new housing prices is attributed to a rise in the supply of high-end properties in core areas, despite significant inventory pressure in peripheral regions [3]. - New housing prices in second and third-tier cities fell by 0.2% and 0.3% respectively, indicating a consistent downward trend that has persisted for two months [3]. Second-Hand Housing Prices - In June, the sales prices of second-hand residential properties in first-tier cities dropped by 0.7%, maintaining the same decline rate as the previous month [4]. - In Beijing, the month-on-month decline reached 1%, translating to a decrease of 50,000 yuan for a property priced at 5 million yuan [4]. - Second-hand housing prices in second and third-tier cities also fell by 0.6%, with the decline rate increasing by 0.1 percentage points, reflecting a broader downward trend [4]. Market Sentiment and Recommendations - The current real estate market conditions suggest that potential buyers should exercise caution and consider waiting before making purchases, as many properties are not resilient to price declines [5][6]. - The sentiment in the market indicates that cash is becoming increasingly valuable, and those with liquidity will have more leverage in negotiations [8]. - The expectation of future price increases due to policy relaxations may not materialize as strongly as before, leading to a more cautious outlook among buyers [8].