Core Insights - The overall performance of the real estate market during the National Day and Mid-Autumn Festival holiday was relatively flat, but high-quality projects in core cities maintained strong interest, indicating a differentiated market trend [1] Market Performance - During the holiday, the average daily transaction area of new residential properties in Beijing, Shenzhen, and Shanghai increased by 52%, 22%, and 3% year-on-year, reaching 0.61 million square meters, 0.6 million square meters, and 0.62 million square meters respectively [1] - Conversely, cities like Guangzhou, Hangzhou, and Chengdu saw a decline in average daily transaction areas, with Guangzhou down 4% to 0.81 million square meters, Hangzhou down significantly, and Chengdu down 5% to 0.29 million square meters [1] Online Search Trends - The online search heat for new homes in 60 key cities during the National Day period in 2025 averaged 69.8, a 44.1% decrease compared to the previous year, reflecting a downward trend over the past three years [2] - The decline in online search heat is attributed to high base effects from last year's market improvement driven by significant policy changes [2] Future Market Outlook - The market is expected to transition from "volatile decline" to "steady" as policies such as optimizing housing fund support and purchase subsidies are implemented to stimulate demand [3] - An increase in new supply from major developers in core cities is anticipated in the fourth quarter, which may support new home sales [3] - The second-hand housing market has shown significant recovery in September, with expectations for continued moderate increases in transaction activity in October, although the trend of "price for volume" is likely to persist in the short term [3] - The fourth quarter is projected to be a peak trading season, with developers likely to enhance supply and promotional policies to boost sales [3]