"朋友几年前咬牙买下的两居室，单价接近5万元，如今挂牌1.5万/平米，连看房的人都寥寥无几。" 这不是网络段子，而是某一线城市业主在本地论坛发出的真实声音。曾经被视为"只涨不跌"的房产，如 今正经历价值重估。不少早期入市的业主发现，自己持有的资产不仅未能实现"保值增值"，反而面 临"流动性枯竭"的困境。 01 从"疯涨"到"冰冻"，一线非核心区房价快速回调 国家统计局最新数据显示，2025年上半年，全国新建商品住宅销售面积同比下降12.7%，多个重点城市 二手房挂牌量同比增长超三成，但成交周期大幅拉长。 以某地铁沿线新区为例，2020年高峰期新房单价逼近5万元。2024年已有业主以3.2万/平米挂牌试探市 场，而进入2025年，开发商直接以1.8万/平米起的价格促销，附赠车位、装修，仍难以拉动销售。 "总价缩水一半并不罕见，但即便这样也找不到接盘者，"一位资深中介透露，"部分项目售楼处已基本 停运，销售人员大量转行。" 02 "不是缺钱，是缺信心"：购房逻辑发生根本转变 楼市低迷的背后，并非完全源于购买力减弱。中国人民银行2025年第二季度储户问卷调查报告显示，倾 向于"更多储蓄"的居民占比较上季度提高2.3 ...

Core Viewpoint - The real estate market is experiencing a significant decline in new home sales, with a notable year-on-year decrease in sales figures for major developers, indicating a contraction in the market overall [3][6]. Market Performance - In the first seven months of 2025, the total sales amount for the top 100 real estate companies reached 20,730.1 billion, reflecting a 13.3% year-on-year decline, which is an increase in the decline rate by 1.5 percentage points compared to the first half of the year [3]. - Only five companies achieved sales exceeding 1 billion in the first seven months of 2025, a decrease from ten companies in 2023 and six in 2024, highlighting a shrinking new home market [3][6]. Market Trends - The proportion of new home sales in Chengdu has dropped from 48.7% in 2022 to 39.8% in 2023, with the share of second-hand homes rising to 60.2%, indicating a shift towards a stock market [5][6]. - The trend of increasing second-hand home sales is expected to continue, as the market transitions into a stock era where the focus shifts from new home development to the trading and operation of existing properties [8][9]. Market Dynamics - The current market environment shows a general decline in both new and second-hand home prices, with the adjustment period still ongoing [10]. - The transition from an incremental to a stock market phase is characterized by significant price adjustments, where the value of properties will vary greatly based on their quality and marketability [9][10].