Core Insights - The new housing prices in Hangzhou have increased by 0.2% month-on-month and 2.1% year-on-year, marking four consecutive months of growth for new homes [1] - Conversely, the second-hand housing prices have decreased by 0.8% month-on-month and 2.4% year-on-year, indicating a widening decline [1] - The transaction volume for second-hand homes in June was 7,335 units, down 4.9% month-on-month and 17% year-on-year, suggesting a pessimistic outlook for the second half of the year [1] - As of July 24, the transaction volume for second-hand homes is projected to be around 6,000 units, based on a daily average of 217 units sold [1] Market Dynamics - The market is currently characterized as a "buyer's market," with over 180,000 second-hand homes listed and approximately 30,000 properties experiencing price reductions each month [1] - The luxury housing market remains robust, with several properties achieving transaction prices exceeding 100,000 yuan per square meter, such as Jiuxi Rose Garden at 236,620 yuan per square meter [1][9] - The decline in second-hand home prices is attributed to the influx of new homes in prime locations, which offer better quality compared to surrounding second-hand properties, leading to a shift in buyer preference [2] Sales Performance - The sales volume for second-hand homes in July is expected to be significantly lower, with only about 5,000 units sold by mid-month [1] - The current market viewing activity is approximately 80% of June's levels, indicating a decrease in buyer engagement [2] - Industry analysts suggest that unless sellers are willing to make substantial price concessions, transactions will remain challenging [2]