Core Insights - The real estate market is showing signs of stabilization, particularly in first-tier cities, with a notable decrease in price decline rates and increased transaction volumes [5][9] - There is a clear divergence in the real estate market, with first-tier cities recovering while second and third-tier cities continue to struggle [10][9] Group 1: Market Trends - Recent data indicates that new home prices in first-tier cities have only decreased by 0.2% month-on-month, a significant improvement compared to previous months [5] - The transaction volume in areas outside the fifth ring road in Beijing has surged by 35% in viewings and doubled in sales within 20 days of policy relaxation [5][4] - Predictions suggest that transaction volumes in areas outside the fifth ring road may increase by 25%-40% from August to September, contributing to a "small spring" in the real estate market [4] Group 2: Market Divergence - There is a stark contrast between the performance of first-tier cities and that of second and third-tier cities, with first-tier cities showing signs of recovery while the latter remain under pressure [10][9] - Inventory pressure is significantly different, with 70% of the national housing inventory concentrated in second and third-tier cities, leading to longer absorption periods compared to first-tier core areas [9] Group 3: Consumer Sentiment - Buyers are increasingly making decisions based on personal circumstances rather than market speculation, with some opting to purchase homes for stability rather than investment [11][16] - The sentiment among buyers reflects a shift in perspective, viewing homes more as consumer goods rather than investment assets, emphasizing the importance of location and livability [18]

Core Viewpoint - The article discusses the discrepancy between the predicted decline in housing prices and the actual market behavior, highlighting that many developers are not lowering prices as expected despite reports of a significant drop in average housing prices across various cities [1][3]. Group 1: Market Analysis - Reports indicate that the national average housing price has decreased from 11,000 yuan per square meter to 9,500 yuan per square meter, a decline of over 15% [1]. - Major cities like Zhengzhou, Tianjin, Shijiazhuang, Jinan, Wuhan, and Taiyuan have seen housing prices revert to levels from three to five years ago [1]. Group 2: Sales Strategies - Sales personnel in real estate often quote higher prices to create a perception of demand, leveraging the "buy high, not low" psychology of buyers, which discourages them from reducing prices [3]. - Developers are reluctant to lower prices due to potential backlash from existing homeowners who may demand compensation or refunds, impacting the sales office's operations [3]. Group 3: Pricing Discrepancies - The prices advertised by sales offices are typically higher than the actual transaction prices, as buyers usually negotiate lower final prices [5]. - Media and authoritative data often reflect actual transaction prices rather than initial quotes, leading to a discrepancy in perceived market conditions [5]. Group 4: Data Interpretation - The data available online primarily covers both new and second-hand housing prices, with second-hand prices providing a more accurate reflection of market fluctuations [5]. - New housing prices are influenced by policies such as price limits, making them less representative of the overall real estate market conditions [5].