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].

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].