Core Insights - The article emphasizes the importance of understanding the costs associated with property transfer fees in the second-hand housing market, particularly focusing on the concepts of "two years" and "only housing" [1][2][8] Group 1: Market Trends - In the first half of 2025, the national second-hand housing transaction volume surged by 17.3%, prompting buyers to focus on cost control in the transfer process [1] - The latest statistics indicate that 63.4% of second-hand housing transactions are classified as "only housing," highlighting its dominance in the market [2] Group 2: Tax Implications - Buyers can save over 5% of the property price through proper planning of transfer taxes, which can amount to significant savings, such as 250,000 yuan on a 5 million yuan property [1] - A property that has been held for more than two years can qualify for exemption from value-added tax, while properties held for less than two years incur a tax of 5.6% on the difference [1][2] - Approximately 41.7% of sellers benefit from a complete exemption from personal income tax if the property is both "only housing" and held for over five years [2] Group 3: Buyer Considerations - Buyers purchasing "only housing" under 90 square meters pay a lower deed tax rate of 1%, while those over 90 square meters face a rate of 1.5%, and non-"only housing" purchases incur a 3% rate [3] - In limited purchase cities, non-local buyers face an average additional cost of 17.3%, increasing their financial burden [3] Group 4: Case Studies and Recommendations - A case study illustrates the financial difference between two sellers, where one saved on taxes due to meeting the criteria for "only housing," while the other incurred significant additional costs [4] - Professional advice can lead to average savings of 37,000 yuan for buyers who plan ahead compared to those who do not [4] Group 5: Regulatory Environment - The article warns against attempts to evade taxes through methods like gifting, which can lead to severe penalties and additional costs [6] - The introduction of the "Smart Real Estate" app in 2025 provides a centralized platform for buyers to access policy information and tax calculators, enhancing their ability to navigate the process [7] Group 6: Conclusion - Understanding the key concepts of "two years" and "only housing" can simplify the complex transfer fee calculations, allowing buyers to maximize their benefits in property transactions [8]

Core Viewpoint - The Shanghai second-hand housing market shows a decline in transaction volume and prices, with July 2023 seeing a 1.69 million units sold, down 8.67% month-on-month and 7.01% year-on-year, while the price index fell 1.82% for three consecutive months [1][2]. Group 1: Transaction Volume and Price Trends - July's transaction volume is better than the same period in 2023, attributed to new policies stimulating growth, despite a downward price trend that has not stabilized [2]. - The total number of second-hand homes listed in Shanghai remains high, leading to increased price competition [2]. - The absolute transaction volume in July did not fall below 1.5 million units, indicating market resilience [3]. Group 2: Market Demand Characteristics - The market demand is primarily driven by first-time homebuyers and young families, with a significant portion of transactions occurring in properties priced below 3 million yuan [3]. - There is a noticeable increase in the proportion of high-priced property transactions, but it has not yet formed a significant trend due to the ongoing popularity of high-end new properties [3]. Group 3: Price Changes by District - In July, only five districts in Shanghai saw an increase in second-hand housing prices, with Changning District up 3.4% and Songjiang District up 2% [5]. - Central districts like Jing'an, Hongkou, Xuhui, and Yangpu experienced varying degrees of price declines, highlighting ongoing regional and product differentiation [6]. Group 4: Price Comparisons and Market Sentiment - Current prices for some second-hand homes are approaching levels seen in 2016, with structural differences noted in property conditions and locations [7]. - The overall housing prices are reported to be the lowest since 2015, with significant price drops observed in older properties [10][11]. - Recent price declines have slowed, suggesting that panic selling is not expected to recur [12].

Core Insights - The Wuhan real estate market shows signs of recovery, with July 2025 second-hand housing transactions reaching 7,605 units, a month-on-month increase of 3.43% and stable compared to the same period last year [1] Group 1: Market Trends - The data indicates a continuation of the recovery trend observed since the second quarter of 2025 [1] - The influx of customers into real estate agencies has increased significantly, with one agency reporting a 55% year-on-year increase in visitor numbers, totaling 45 groups in July [5] - The transaction volume for the agency reached 8 units in July, marking a 200% increase compared to the previous year [5] Group 2: Buyer Preferences - First-time buyers constitute 45% of the market, primarily interested in small to medium-sized units and transportation accessibility [5] - Improvement-oriented buyers focus on larger spaces and community environments, with some prioritizing areas near planned metro lines or commercial centers [5] - The shift in buyer focus from "school district-driven" to "residential attributes" is noted, with increasing confidence among buyers as transportation and commercial facilities improve [6] Group 3: Property Characteristics - The most sought-after properties are those less than 10 years old and conveniently located, which are perceived to offer better quality and comfort [5] - The demand for school district properties has decreased due to policy changes and demographic shifts, leading to increased difficulty in reselling such properties [6] - Areas like Hongshan District and Hanyang District are highlighted for their active transaction volumes, with 100 square meter three-bedroom units near metro lines being the mainstream choice [6]

Investment Rating - The report indicates a positive outlook for the second-hand housing market in major cities, with a cumulative year-on-year increase of 12% in transaction volume for the first half of 2025, outperforming the new housing market [3]. Core Insights - The demand for luxury properties priced above 30 million yuan remains stable, while the transaction share for properties priced between 3-6 million yuan has significantly decreased, indicating a shift in buyer sentiment [3][4]. - The ultra-low price segment (under 2 million yuan) shows a notable increase in transaction concentration, with Shenzhen reporting a 14.69% share in the first half of 2025, reflecting a trend of consumption downgrade among first-time buyers [4]. - The transaction concentration for properties under 90 square meters is declining, while the share of larger properties (over 140 square meters) is increasing, driven by a preference for more functional living spaces [6]. - The transaction share in mid-value areas is increasing, while the concentration in major districts of cities like Shanghai and Shenzhen is decreasing, indicating a shift in buyer focus [8]. Summary by Sections Transaction Volume and Price Segments - In the first half of 2025, the luxury market (over 10 million yuan) in Beijing and Shanghai shows a steady increase, with significant growth in the 10-30 million yuan segment [3]. - The share of transactions in the 3-6 million yuan range has decreased, with a notable decline in the number of transactions in this segment across major cities [3][4]. Buyer Preferences and Market Dynamics - The ultra-low price segment remains a stronghold for first-time buyers, with significant shares in cities like Shanghai and Hangzhou [4]. - The report highlights a trend where buyers are increasingly considering location, amenities, and price, leading to longer transaction cycles for less desirable properties [11]. Regional Trends - The report notes that transaction shares are increasing in mid-value districts, such as Haidian and Mentougou in Beijing, and various districts in Shanghai and Shenzhen, while major districts are experiencing a decline in transaction concentration [8][9].

商报讯(记者周坚洪)7月杭州二手房，又出现了"量价齐跌"的情况。根据杭州贝壳研究院发布的数据，7 月份杭州市区一共成交了7163套二手房，环比6月份的7335套小幅下降2.3%，同比去年7月下滑14.1%。 价格方面，7月杭州二手住宅成交均价28128元/平方米，环比6月的28588元/平方米下跌1.6%，同比去年 7月的29223元/平方米下跌3.7%。 7月作为二手市场的传统淡季，成交下滑在预料之中。不过，从超过7000套的数据来看，可以称得上"淡 季不淡"，相比6月基本保持平稳，暂时稳住了此前大幅下跌的势头。而且，一改此前由改善次新房"霸 占"成交榜的情况，这个月有不少刚需小区和学区房的表现都很不错。 从成交结构来看，7月份200万元以内总价房源成交占比达到了47%，环比上涨了1%。200-300万元房源 占比24%，环比上涨0.5%。500-800万元房源占比6.9%，环比上涨0.1%。400-500万元、800-1000万元这 两个首次改善和二次改善的主力总价段房源，成交占比则各自下降了5%。 面积段的数据更为直观。7月份，60平方米以下房源成交占比达到12.9%，环比大幅上涨2.3%。60-90平 ...

从成交结构来看，近三个月，总价段在300万元以下的刚需房成交量占比依次为52.48%、53.23%、 54.86%，呈现逐月抬升的走势；中间层改善客群的成交量占比较上月均有不同程度的收缩，意味着置 换链条依然不畅。 "在成交淡季且没有增量政策刺激的背景下，上海二手房市场单月实现近2万套成交已属不易。"业内人 士表示，"但上海二手房依旧在靠刚需'单腿走路'。" 新华财经上海8月1日电 据上海市房地产交易中心最新披露的数据，2025年7月，上海二手房网签成交 19337套（全口径数据，包含商业、车位等），较上月回落1437套。 值得注意的是，这是"929新政"以来，除去受节假日影响的1月和2月以外，上海单月二手房成交量首度 跌破2万套大关。 而从价格维度，根据安居客统计口径，7月上海二手房挂牌均价约48169元／m²，环比下降0.57%，部分 区域跌幅超2%。自今年2月以来，上海二手房挂牌价已连续五个月下跌。 （文章来源：新华财经） ...

从成交区域来看，番禺区和海珠区凭借上千宗的网签量占据前两位，白云区、增城区和荔湾区网签也均 接近一千宗。从环比来看，从化区和荔湾区分别增长12.46%和7.23%。从同比来看，荔湾区、白云区、 南沙区和从化区保持增长。 从面积区间构成方面来看，60平方米以下和90至120平方米所占比例环比分别增长1.97个百分点和0.54个 百分点，60至90平方米、144平方米及以上和120至144平方米所占比例环比均下降。 据广州市房地产中介协会29日消息，7月为楼市传统淡季，当月广州市二手住宅网签近九千套，同环比 均有下降；但受旧改提速等因素驱动，多个热门板块、楼盘网签套数环比有显著增长。 数据显示，7月(6月26日至7月25日)广州市二手住宅网签套数和面积分别达到8962套、88.84万平方米， 环比分别下降9.39%和10.84%，同比分别下降10.68%和12.25%。 7月，广州多个二手住宅板块网签套数环比均有较明显的增长，其中芳村大道板块增幅领先，环比增长 22.88%；江南西-宝岗、桂花岗-三元里和西关等多个板块亦榜上有名，环比分别增长13.68%、11.88%和 9.91%。 此外，统计显示，2025年1 ...

Market Analysis - The Beijing second-hand housing market has shown a rebound trend recently, with 2,949 transactions in the latest week (July 21-27), a week-on-week increase of 4.4%, but still 39.6% lower than the peak in June (4,880 transactions) [4][5] - The average unit area has decreased to 91 square meters, the lowest in the past six weeks, indicating an increase in the proportion of small-sized units sold [4] - The transaction volume has shown a "high rebound - bottoming out" trend over the past six weeks, with a cumulative increase of 35.7% in the last two weeks of July, suggesting a gradual recovery in market activity [4] Shanghai Market - The Shanghai second-hand housing market has recently stabilized, with 4,478 transactions in the week of July 21-27, reflecting a week-on-week increase of 1.3%, although the transaction area slightly decreased by 0.5% [8][9] - The average unit area remains stable at 83 square meters, with transaction volumes fluctuating between 4,100 and 5,100 units over the past six weeks [8] - The market is in the late adjustment phase, with moderate recovery in transaction volume but not yet forming a trend of significant increase [8] Shenzhen Market - The Shenzhen second-hand housing market is experiencing a continuous cooling trend, with 1,039 transactions in the week of July 21-27, a week-on-week decrease of 6.0%, marking three consecutive weeks of decline [12][14] - The transaction area was 103,134.36 square meters, down 7.5% week-on-week, with a notable drop in transaction volume from a high of 1,222 units [12] - The average unit area has decreased from 102 square meters to 99 square meters, indicating an increase in the proportion of medium and small-sized units sold [12] Hangzhou Market - The Hangzhou second-hand housing market is showing a mild adjustment trend, with 1,231 transactions in the week of July 21-27, reflecting a slight week-on-week decrease of 0.2% [16][18] - The average unit area has compressed to 104 square meters, down 3.7% from mid-June, indicating an increase in demand for affordable housing [16] - The market is currently in a seasonal adjustment period, with transaction volumes stabilizing around 1,230 units [16] Chengdu Market - The Chengdu second-hand housing market has shown a stable trend, with 3,806 transactions in the week of July 21-27, a slight week-on-week increase of 0.8% [21][23] - The transaction area decreased by 0.7%, with the average unit area remaining at 94 square meters, reflecting an increase in the proportion of small-sized units sold [21] - The market has shown significant fluctuations, with transaction volumes stabilizing around 3,700 units since July, down approximately 18% from the June peak [21]

Group 1 - The importance of thorough preparation before purchasing a second-hand house, including understanding market trends and recent transaction prices in the same area [2][3] - Gathering information about the seller's urgency and reasons for selling can provide leverage in negotiations [4][5][6][7] Group 2 - Identifying defects in the property during viewings can serve as a basis for price negotiations [8] - The sequence of negotiation is crucial, suggesting that the agent should initiate the first round of price discussions [8] Group 3 - The timing of the offer can impact negotiation outcomes, with specific periods such as year-end or during market adjustments providing better opportunities [10] - Tax and fee negotiations can also be a form of price reduction, as can requests for included furniture and appliances [12] Group 4 - Caution against "fishing prices" that are significantly below market value, as they may indicate underlying issues [14] - Avoid excessive bargaining that could lead to losing the opportunity to purchase the property [14]

Core Viewpoint - The real estate market is experiencing a significant decline in second-hand housing prices, but the overall trend is shifting towards stabilization, with opportunities for potential buyers emerging in the latter half of 2025 [1][3][4]. Group 1: Market Trends - The second-hand housing prices in major cities have been declining both year-on-year and month-on-month, with "price for volume" being the prevailing market strategy [3]. - Chengdu leads in second-hand housing transactions with 19,214 units sold in June, followed by Shanghai with 18,028 units and Beijing with 15,139 units [3]. - Since July 2020, second-hand housing prices have reached a low point, and while further declines are expected, the pace of decline is anticipated to stabilize under current policy guidance [3][4]. Group 2: Buyer Insights - For potential homebuyers who have been waiting for years, the latter half of this year presents a favorable opportunity to purchase homes [4]. - The market is showing a significant divide, with 41.9% of the market consisting of homes priced below 3 million, while buyers of upgraded housing face considerable pressure due to lack of negotiation [7]. Group 3: Legal Auction Market - The volume of auctioned properties has increased, with 32,000 properties available in June, indicating sustained market confidence [9]. - Buyers are finding better deals in auctioned properties compared to regular second-hand homes, as these often sell below appraisal values, providing financial advantages [9]. - Caution is advised when participating in property auctions, and it is recommended to engage professional services for due diligence to avoid potential pitfalls [11].