Core Viewpoint - The new housing market in Harbin is experiencing a complex scenario of volume and price differentiation, with a notable decline in sales prices amidst a general downtrend in the national housing market [1][8]. Market Performance - In August 2025, Harbin's new residential sales prices decreased by 0.4% month-on-month, contrasting with rising prices in Shenyang and Jilin [1]. - The market is transitioning into a quality-oriented phase, as some high-end projects are performing well despite the overall price decline [1]. Supply and Demand Dynamics - In August, six new residential projects were approved, totaling approximately 10.4 million square meters and 877 units sold, indicating a steady supply rhythm from developers [1][2]. - From January to August 2025, over 60 new residential projects were approved, with a total sale area exceeding 690,000 square meters and 5,531 units sold [1]. Transaction Highlights - The market showed significant differentiation in transactions, with high-end projects in the Xiangfang and Daoli districts leading in sales volume and value [2][3]. - The "Huilong Hesong Yinhao" project in Xiangfang district achieved the highest sales area of 18,709.11 square meters and sales revenue of 25.76 million yuan [4][5]. Inventory and Market Pressure - As of the end of August, the total unsold residential area in Harbin was 6.69 million square meters, with a depletion cycle of approximately 27 months, indicating persistent inventory pressure [6][7]. - The inventory level has remained stable between 630,000 and 669,000 square meters throughout 2025, reflecting a market primarily focused on digesting existing stock [6][7]. Future Outlook - The Harbin new housing market is expected to maintain a weak balance, relying on regional highlight projects and marginal policy easing to navigate through high inventory and prolonged depletion cycles [8].