Core Viewpoint - The real estate market in Ningbo is showing signs of recovery, with significant increases in both new and second-hand housing transactions, indicating a positive shift in market sentiment following a prolonged adjustment period [3][4]. Market Performance - As of March 23, Ningbo's new housing and second-hand housing transaction volumes increased by 88% and 132% respectively, demonstrating a notable rise in market activity [3]. - The second-hand housing market is particularly strong, with over 5,400 transactions recorded by March 26, and daily average net signings exceeding 300 units since mid-March [3][4]. - The second-hand housing transaction volume is expected to surpass 6,000 units this month, indicating a clear market rebound [3]. Policy Impact - The recovery in Ningbo's real estate market is significantly driven by local housing policies, particularly the launch of the third phase of the "old-for-new" housing exchange program on February 28 [4]. - This program involves the participation of multiple state-owned enterprises and covers over 1,800 communities, focusing on the acquisition of old properties built before 2010 [4][5]. - The "old-for-new" program offers a unique "price increase buyback" feature, where old property prices are assessed by third-party institutions, and participants receive an additional 5% "exchange coupon" subsidy, reducing the financial burden of purchasing new homes [5]. Market Dynamics - Following the introduction of the "old-for-new" policy, the market's enthusiasm has surged, with over 17,000 visits to the program's webpage and nearly 2,000 users logging in, resulting in 7,801 applications for old property exchanges and 1,687 new home purchases [5]. - Concurrently, the number of second-hand homes listed for sale has decreased from over 116,000 at the end of 2022 to less than 87,000 currently, reflecting a tightening supply in the market [5].