Group 1 - The core point of the article indicates that the second-hand residential prices in Shenzhen decreased by 0.5% month-on-month in June, consistent with the previous month's decline of 0.5% [1] - Year-on-year, the prices fell by 2.8%, an improvement from the previous year's decline of 3.2% [1]

Core Insights - The second-hand residential property prices in Beijing decreased by 1.0% month-on-month in June, compared to a previous decrease of 0.8% [1] - Year-on-year, the prices fell by 1.8%, which is a larger decline than the previous year's decrease of 0.7% [1] Summary by Category - **Price Trends** - June's month-on-month decline in second-hand residential prices is recorded at 1.0% [1] - The year-on-year price change shows a decrease of 1.8% [1] - **Comparative Analysis** - The month-on-month decline worsened from the previous value of -0.8% [1] - The year-on-year decline also increased from the previous value of -0.7% [1]

Core Insights - The core viewpoint of the article highlights that the Beijing second-hand housing market is experiencing a significant increase in transaction volume, with a total of 90,035 units signed in the first half of 2025, representing a year-on-year growth of 20.4% [1] Market Performance - In the first half of 2025, the net signing volume of second-hand homes in Beijing reached 90,035 units, indicating a robust recovery in the market [1] - The year-on-year growth of 20.4% suggests a positive trend in buyer confidence and market activity [1] Market Dynamics - Industry experts suggest that the Beijing second-hand housing market is gradually establishing a new balance mechanism [1] - The price adjustments have triggered the market's self-regulating functions, indicating a shift from policy-driven dynamics to internally driven market forces [1]

Core Insights - The Beijing second-hand housing market is experiencing a steady recovery in the first half of 2025, driven by both policy effects and market self-adjustment [1] Summary by Categories Market Performance - In the first half of 2025, the number of signed second-hand housing transactions in Beijing reached 90,035 units, representing a year-on-year increase of 20.4% [1] - March 2025 saw a peak monthly transaction volume of 19,234 units, primarily influenced by policy incentives and concentrated demand for school district housing [1] - The transaction volume in the first half of 2025 not only significantly exceeded the same period in 2023 and 2024 but also marked the highest level for the same period since 2022 [1]

Core Viewpoint - The Beijing second-hand housing market is experiencing a steady recovery in the first half of 2025, driven by both policy effects and market self-adjustment, with a significant year-on-year increase in transaction volume [1][3]. Group 1: Market Performance - In the first half of 2025, the total number of second-hand housing transactions in Beijing reached 90,035 units, representing a year-on-year increase of 20.4% [1][3]. - The monthly transaction peak occurred in March 2025, with 19,234 units signed, largely due to policy stimuli and concentrated demand for school district housing [1][3]. - The transaction volume in June 2025 showed a slight year-on-year increase, indicating a self-adjusting market moving towards supply-demand balance [1][4]. Group 2: Policy Impact - A series of favorable real estate policies implemented since 2024 have had a continuous stimulating effect on the second-hand housing market throughout the first half of 2025 [3][4]. - The market's performance in June 2025 differed from the previous year, as it relied more on its own supply-demand adjustment mechanisms rather than solely on policy support [4][5]. Group 3: Price Dynamics - The adjustment of second-hand housing prices to a reasonable range has stimulated demand, creating a self-regulating mechanism of "price adjustment—transaction recovery" [5][11]. - The market is currently in a state of price negotiation, with sellers holding firm on listing prices, leading to increased tension between supply and demand [7][10]. Group 4: Supply and Demand Structure - The market is witnessing a differentiation in housing types, with improved second-hand homes becoming the mainstay due to their scarcity and strong demand [8][11]. - The proportion of transactions for first-time buyer homes remains high, but there is a notable increase in transactions for improved housing types, indicating a shift in buyer preferences [10][11].

Core Viewpoint - The average price of second-hand homes in Tokyo's 23 wards has surpassed 100 million yen for the first time, indicating a significant shift in the real estate market dynamics in the region [1] Group 1 - The average price of second-hand homes in Tokyo's 23 wards reached 100.5 million yen, marking a 2.5% increase from the previous year [1] - This milestone reflects a growing demand for housing in urban areas, driven by factors such as low interest rates and a recovering economy [1] - The increase in property prices is also attributed to limited supply and rising construction costs, which are impacting the overall housing market [1] Group 2 - The trend of rising home prices is expected to continue, as more buyers are entering the market, seeking to invest in real estate as a stable asset [1] - The data suggests that younger generations are increasingly looking to purchase homes, contributing to the upward pressure on prices [1] - Analysts predict that the real estate market in Tokyo will remain robust, with potential for further price increases in the coming years [1]

Market Overview - The Beijing second-hand housing market has recently shown a rebound, with transactions reaching 3,532 units in the latest week (June 16-22), marking a significant week-on-week increase of 14.6% [3][4] - The Shanghai second-hand housing market has experienced a contraction, with transactions falling to 4,848 units, a decrease of 9.9% week-on-week, continuing a downward trend for two consecutive weeks [6][7] - The Shenzhen second-hand housing market has also shown a rebound, with transactions increasing to 1,222 units, reflecting a week-on-week growth of 12% [10][11] - The Hangzhou second-hand housing market is experiencing a downward trend, with transactions declining to 1,322 units, a decrease of 8.8% week-on-week [15][16] - The Chengdu second-hand housing market has shown signs of recovery, with transactions rising to 4,178 units, a week-on-week increase of 3.2% [20][21] Beijing Market Analysis - The market has seen a "high rebound and then a pullback" pattern, with transaction peaks of 3,784 units in mid-May followed by a drop to 3,081 units, before surpassing the 3,500 units mark again [3] - The average transaction area remains stable at 92-94 square meters, indicating a focus on demand-driven products [3] Shanghai Market Analysis - The average transaction area has increased to 84 square meters, the highest in six weeks, despite the overall transaction volume declining [6] - The market is currently in a policy digestion phase, with reduced transaction volume but still maintaining price support [6] Shenzhen Market Analysis - The average transaction area is stable at 102 square meters, reflecting ongoing demand for improved housing options [10] - The market has rebounded to near the median level of the past six weeks, suggesting potential for continued moderate recovery if policies remain stable [10] Hangzhou Market Analysis - The market is in an adjustment phase, with transaction volume down 23% from mid-May levels [15] - The average transaction area has increased to 108 square meters, indicating a rise in demand for improved housing [15] Chengdu Market Analysis - The market has shown a recovery trend, with transaction volume rebounding from a low of 2,443 units earlier in June [20] - The average transaction area remains stable at 95-96 square meters, indicating consistent demand [20]

Core Viewpoint - The second-hand housing market in major cities is experiencing a seasonal decline in activity, with a notable shift towards lower-priced properties as the primary focus for buyers, particularly among first-time homebuyers [1][18]. Market Overview - In May 2025, the transaction volume of second-hand homes in 30 key cities decreased by 10% month-on-month, while there was a slight year-on-year increase of 4%, indicating a slowdown in overall growth momentum [2]. - The market is characterized by a dual focus on first-time buyers and high-end upgrades, with a significant drop in demand for mid-range properties [6]. Buyer Behavior - First-time homebuyers remain the dominant force in the second-hand housing market, with low-priced properties (under 2 million yuan) accounting for nearly 42% of transactions in Hangzhou, reflecting a 1.1 percentage point increase from the previous month [4][9]. - In major cities like Beijing, Shanghai, and Shenzhen, the proportion of low-priced second-hand homes continues to rise, indicating a trend of consumption downgrade among buyers [5][8]. Price Trends - The proportion of transactions for second-hand homes priced between 3 million to 6 million yuan has significantly decreased, with all segments in Shanghai showing a decline in transaction share [7]. - Conversely, the market share of low-priced properties is expanding, with Shenzhen reporting that 34.5% of transactions were for homes priced under 3 million yuan, marking a 1.2 percentage point increase month-on-month and a 6.0 percentage point increase year-on-year [7]. Property Size Preferences - In Beijing and Shanghai, the primary transaction size for second-hand homes is under 80 square meters, but this segment has seen a decline in market share, while the 90-120 square meter segment is gaining traction, suggesting a shift towards more spacious and functional homes [11]. - In Shenzhen, the main transaction sizes remain under 90 square meters, driven by the availability of newer, lower-priced units that meet the short-term needs of first-time buyers [11]. Market Dynamics - The market is transitioning to a buyer's market, where buyers are increasingly considering location, amenities, and price when making purchasing decisions, leading to longer transaction cycles for older, less functional properties in remote areas [18]. - The proportion of second-hand homes in first-time buyer segments with declining prices has increased, particularly in Beijing and Shanghai, where over half of the transactions in these segments involved price reductions [15].

国家统计局：北京5月二手住宅价格环比-0.8%（前值-0.6%），同比-0.7%（前值-1.0%）。 ...

Core Viewpoint - The article indicates that the second-hand housing market is showing signs of bottoming out, with price fluctuations and trading volumes stabilizing, while the average negotiation space has reached a new low [2][20]. Group 1: Market Trends - In May, 44.9% of second-hand housing communities saw price increases, a decrease of 7 percentage points from the previous month, indicating a price adjustment phase [4][20]. - Core cities experienced a 2% year-on-year increase in second-hand housing transaction volume, suggesting that prices are approaching a temporary bottom [4][20]. - The proportion of communities with rising listing prices was only 34.1%, while the percentage of communities with declining prices has been increasing month by month, reflecting the ongoing inventory reduction efforts [5][20]. Group 2: Price Indicators - The average negotiation space for second-hand housing in typical cities fell to 15.4%, a decrease of 0.1 percentage points, marking a new low since 2024 [11][20]. - The narrowing negotiation space indicates a convergence of price expectations between buyers and sellers, supported by urban renewal and special debt storage initiatives [11][20]. Group 3: Segment Analysis - High-end communities saw a significant price adjustment, with only 46% experiencing price increases, a drop of 12 percentage points from the previous month [16][21]. - The negotiation space for high-end communities is the lowest among all types at 12%, while the first-time buyer segment maintains the highest negotiation space at 18%, indicating ongoing price pressure in that segment [16][21]. Group 4: Future Outlook - The second-hand housing market is at a critical adjustment phase, with policy support and market recovery forces creating a resonance effect [21]. - The gradual alleviation of inventory issues and the enhancement of living value through urban renewal are expected to provide a solid foundation for price stabilization [21].