在房地产行业整体调整的背景下，2025年，全国法拍市场呈现"量价齐跌"的整体态势，同时城市分化持续加剧。数据显示，超七成高 价法拍住宅集中在北京、上海、深圳，核心地段稀缺豪宅频现溢价成交，显示出强劲的市场韧性。与此同时，买方策略趋于谨慎理 性，二拍逐渐成为市场主流成交渠道。 北上深高价法拍房"断层"领跑 图/中指研究院 中指研究院发布监测数据显示，2025年全国法拍市场累计挂拍各类房源71.9万套，同比下降6.6%；成交拍品16.9万套，同比下降 4.4%；总成交金额为2536.2亿元，同比下降幅度高达23.6%。市场整体清仓率（成交拍品/交易截止拍品）为23.5%。 相比之下，价格的调整更为明显。2025年各类法拍房源成交均价为4653元/平方米，同比下降12.7%；平均折价率（成交价/评估价） 为74.1%，意味着买家平均能以评估价的约7.4折购入资产。价格走低与房地产市场整体仍处于调整阶段、买方市场特征凸显有关，法 拍房买家普遍持谨慎态度，出价趋于理性。 从物业类型看，住宅依然是法拍市场的绝对核心。2025年，住宅类法拍房源成交11.3万套，成交总金额1315.8亿元，占各物业类型总 成交金额的51.9 ...

Core Viewpoint - The real estate auction market in China has shown significant differentiation this year, with luxury properties experiencing high premium transactions, while ordinary auctioned properties continue to see price declines [1][3][4]. Group 1: Luxury Property Auction Trends - In Shenzhen, a luxury property in the Xi Garden community sold for approximately 34.34 million yuan after 82 rounds of bidding, translating to a price of 156,800 yuan per square meter, with a premium rate exceeding 96% [1]. - Another luxury unit in Nanshan's Double Seal Garden sold for 58.30 million yuan, achieving a premium rate of 80% [3]. - High premium transactions for luxury auction properties are increasingly common in major cities, with a notable example being a luxury property in Shanghai's Pudong New Area that sold for 42.25 million yuan, reflecting a premium of 54.47% over the starting price [3][4]. Group 2: Ordinary Property Auction Trends - Many ordinary auction properties are still facing price reductions, as evidenced by a 63-square-meter unit in Longhua District that had a starting price of 2.28 million yuan, which was nearly 600,000 yuan lower than its first auction price, ultimately selling for 2.558 million yuan [3]. - The average price of properties in Longyueju had previously peaked at over 100,000 yuan per square meter during the 2021 real estate market high [3]. Group 3: Market Data and Insights - According to the latest data from the China Index Academy, the number of auctioned residential properties nationwide decreased to 369,000 units in the first half of the year, down approximately 3.3% from 382,000 units in the same period last year [4]. - The total transaction amount for auctioned properties reached 122.95 billion yuan, a decrease of about 19.8% compared to 153.39 billion yuan in the same period last year [4]. - The top 50 cities for auctioned residential properties in 2025 saw a total of 79,000 units listed, with 31,000 units sold, marking a year-on-year increase of 2.7% in transaction volume [4].

Core Viewpoint - The domestic auction housing market has experienced significant changes in April 2025, with the supply scale reaching a new high for the year while transaction volume hit a new low, indicating a decline in both premium rate and transaction rate [3][8]. Supply Scale - The supply scale reached a new high for the year, with 30,400 new auction listings in April, a month-on-month increase of 53% [4][11]. - The total starting price for these listings was 33.3 billion, an increase of 84% month-on-month [11]. - Five cities had over 500 new auction listings, with Chongqing leading for five consecutive months [11]. Transaction Volume - Transaction volume decreased significantly, with 1,244 units sold in April, a month-on-month decline of 61%, marking the lowest monthly figure since 2024 [5][15]. - 66% of the properties were sold at a premium, down 12 percentage points from the previous month [5][15]. - The highest transaction value was recorded in Shenzhen, with a total of 460 million, followed by Shanghai at 150 million [18]. Transaction Rate - The national average transaction rate fell to 16%, a decrease of 3 percentage points from the previous month, with only Ningbo and Suzhou exceeding 20% [6][21]. - Many cities saw transaction rates drop below 10%, reflecting a significant decline in auction activity [24][25]. Discount Rates - Both the average starting discount rate (27.8%) and the average transaction discount rate (31.3%) decreased, indicating a convergence in price perception between buyers and sellers [7][26]. - The narrowing gap in discount rates suggests that the properties currently being sold are of better quality and more desirable for future resale [31][31]. Market Outlook - The auction housing market is expected to see a gradual decrease in new supply and a potential recovery in transaction volume and rates, driven by improved economic conditions and supportive policies [9][9]. - High-quality assets are likely to attract more attention from high-net-worth individuals and investment institutions, indicating a resilient demand for premium properties [9][9].