2025 年 中国法拍房 月报 2 月供应回落成交回暖，法拍房市场显企稳信号 版权所有©克而瑞集团·研究中心 1/ 8 克而瑞观点 克而瑞观点 导读：深圳顶豪溢价 139%，法拍市场春意回暖 文/马千里 春节假期过后，2025 年 2 月法拍房供应规模延续回落，但交易热度有所回升。法拍房新增挂拍 2.6 万套，环比下降 7%，同比微降 2%；成交 4100 套，环比上升 7%，同比下降 18%。 法拍房成交率 28%，较上月上升 8 个百分点，同比增加 10 个百分点。与国家统计局发布的大中 城市房价指数向好趋势一致，法拍房市场的买方信心也迎来了明显回升。 核心要点 折价率：供求折价率差距收窄至 1.8 个百分点，一拍、二拍房源价格预期快速趋同 后市展望 2025 年 2 月，全国法拍房市场呈现"供应回落、成交回暖、信心修复"的特征。对于上半年法 拍房市场发展，我们主要有如下几方面判断： 其一，供应趋势方面：随着降风险、去库存脚步的加快，各地加速存量资产处置，法拍房挂拍 量保持平稳释放，尤其是历史积压项目将持续进入市场，但核心城市与非核心城市分化将延续。 其二，成交结构方面：深圳顶豪高溢价成交释放积极信号，高 ...

Core Viewpoint - The article highlights a recovery in the auctioned property market, with a notable increase in buyer confidence and transaction activity despite a decrease in supply [3][8]. Group 1: Auction Supply - The number of properties available for auction decreased by 7% month-on-month, with a total of 26,000 new listings in February 2025, showing a slight year-on-year decline of 2% [3][10]. - Major cities like Chongqing and Chengdu led in supply, with over 1,000 listings each, while Guangzhou saw a significant increase in total auction value due to a concentrated listing of properties in Huadu District [4][10]. Group 2: Transaction Volume - The transaction volume for auctioned properties increased by 7% month-on-month, with a total of 4,100 properties sold in February 2025 [3][11]. - Shenzhen topped the market with a transaction value of 1.04 billion yuan, and a notable luxury property in Nanshan District sold for 132 million yuan, reflecting a premium of 139% over the starting price [5][13]. Group 3: Transaction Rate - The national transaction rate for auctioned properties rose to 28%, an increase of 8 percentage points from the previous month, indicating a significant boost in buyer confidence [6][14]. - Hangzhou achieved the highest transaction rate at 47%, with increased activity across various districts [6][17]. Group 4: Discount Rate - The average starting discount rate for auctioned properties was 30.3%, up by 1 percentage point month-on-month, while the average transaction discount rate was 32.1%, down by 0.8 percentage points [19][20]. - The narrowing gap of 1.8 percentage points between starting and transaction discount rates indicates a convergence in price expectations between buyers and sellers [19][20].