从时间线看，一线城市二手房降价压力呈逐步释放态势。4月至8月，其环比跌幅从0.2%一路扩大至1.0%，5月起跌幅突破0.5%，7月与8月均维持1.0%的阶 段性高点，显示下行惯性正在增强。这种"补跌"在城市间表现尤为突出，8月二线、三线城市二手房价环比跌幅分别为0.6%、0.5%，仅为一线城市的六成 与五成。 具体到四座一线城市，北京成为本轮调整的"重灾区"，8月二手房环比跌幅达1.2%，在70个大中城市中"领跌"；上海、广州、深圳紧随其后，跌幅分别为 1.0%、0.9%、0.8%，呈现出"北部城市调整更剧烈"的区域特征。同比数据更显压力，2025年前八个月，广州以7.6%的同比跌幅居首，深圳、北京、上海 分别下跌3.7%、2.3%、1.6%，市场估值中枢持续下移。 值得警惕的是，市场结构性差异下，核心区房价松动信号显现。业内普遍认为，此前一线城市整体均价受核心城区高成交占比支撑，郊区低价房源"滞 销"与核心区相对坚挺形成鲜明对比。但最新数据显示，这一支撑力正在减弱，核心城区部分小区已出现显著降价，意味着房价调整已从外围向核心渗 透，市场降温范围进一步扩大。 国家统计局9月15日发布的房价数据，勾勒出当前房地 ...

Core Viewpoint - The real estate market in first-tier cities in China is experiencing a significant downturn, with both new and second-hand housing prices declining sharply, leading to concerns about the future trajectory of the market [4]. Group 1: Market Performance - In May 2025, the real estate market showed the worst performance in recent years, with new housing data declining across all first-tier cities except Shanghai [4]. - Second-hand housing prices in first-tier cities have also dropped significantly, with Beijing and Guangzhou down by 0.8%, and Shanghai and Shenzhen down by 0.7% and 0.5% respectively [4]. Group 2: Future Outlook - The article raises questions about who is abandoning the second-hand housing market and what the future holds for the real estate sector in these cities [3][5]. - There is a suggestion that holding cash may be a prudent strategy in the current economic climate, indicating a shift in investment sentiment [3].