Middle Finger Research Institute: In February, the second-hand housing transaction volume in key cities continued to increase compared to the same period last year, while price declines continued to narrow.

The Research Institute of China Securities Regulatory Commission stated in a document that in February, the trading volume of second-hand houses in key cities generally continued to grow year-on-year, and the price decline continued to narrow. According to the China Real Estate Index System's 100-city price index, in February 2025, the average price of second-hand residential houses in the 100 cities fell by 0.42% month-on-month, a narrowing of 0.1 percentage point compared to the previous month, and a year-on-year decrease of 7.26%; the average price of second-hand residential houses in the top ten cities fell by 0.25% month-on-month, and a year-on-year decrease of 6.32%. In terms of individual cities, in February, the price of second-hand residential houses in Chengdu increased by 0.08% month-on-month, maintaining an upward trend for 4 consecutive months. Wuhan and Nanjing had larger month-on-month price declines, at 0.68% and 0.56% respectively; Guangzhou, Chongqing (main urban area), Tianjin, and Hangzhou had month-on-month price declines between 0.2% and 0.4%; Shanghai, Beijing, and Shenzhen had month-on-month price declines between 0.1% and 0.2%. In terms of year-on-year comparisons, in February, Wuhan and Nanjing saw year-on-year decreases of 9.90% and 9.67% respectively; Hangzhou and Chongqing (main urban area) saw year-on-year decreases of 7.35% and 7.02% respectively; Beijing, Shanghai, Tianjin, and Guangzhou all saw year-on-year decreases between 5% and 7%; Chengdu and Shenzhen's year-on-year price declines were within 5%, with Shenzhen having the smallest decline at 3.45%. Beijing: The heat of the second-hand housing market gradually recovered after the Spring Festival, with transaction volume maintaining year-on-year growth for 5 consecutive months. Regarding transactions, after the end of the Spring Festival, the heat of the second-hand housing market in Beijing rose slightly, with buyers accelerating their pace of house viewing compared to the pre-holiday period, and weekly transaction volumes gradually increasing. In February, Beijing's second-hand residential homes saw 11,876 transactions, an 87.6% year-on-year increase, marking 5 consecutive months of year-on-year growth, with a cumulative year-on-year increase of 29.7% for January and February. In terms of prices, in February, the price of second-hand residential homes in Beijing fell by 0.17% month-on-month and by 6.91% year-on-year, marking a narrowing of the year-on-year decline for 4 consecutive months. In different districts, prices in areas like Xicheng, Dongcheng, and Chaoyang remained relatively stable, while suburban areas continued to accelerate sales through "special price listings." Shanghai: The month-on-month and year-on-year price declines for second-hand houses in February narrowed, with a significant increase in transaction volume due to a low base. In terms of transactions, the central areas of Shanghai, such as subway properties and properties in good school districts, saw a faster recovery in market heat after the Spring Festival. In February, there were 14,982 transactions for second-hand residential homes, a 127.1% year-on-year increase, with a cumulative year-on-year increase of 47.2% for January and February. Regarding prices, in February, the price of second-hand residential homes in Shanghai fell by 0.18% month-on-month, with the decline narrowing by 0.02 percentage points compared to the previous month. Year-on-year, prices fell by 6.49%, marking 5 consecutive months of narrowing year-on-year declines. Guangzhou: The phenomenon of exchanging price for volume continued in the second-hand housing market, with a narrowing of the month-on-month price decline. In terms of transactions, the heat of the second-hand housing market in Guangzhou quickly recovered after the Spring Festival, with buyers showing increased enthusiasm to enter the market. Areas with quality educational resources like Nansha, Liwan, and Huangpu performed well, but due to the high number of second-hand listings in Guangzhou, market transactions still mainly involved large price reductions for properties. In February, there were 5,184 transactions for second-hand residential homes in Guangzhou, a 10.5% year-on-year increase, with a cumulative year-on-year increase of 23.7% for January and February. Regarding prices, in February, the price of second-hand residential homes in Guangzhou fell by 0.39% month-on-month, with a slight narrowing of the decline compared to the previous month, and a year-on-year decline of 5.62%. Shenzhen: Transactions of second-hand houses continued to recover after the Spring Festival, with a continuous narrowing of year-on-year price declines. In terms of transactions, the second-hand housing market in Shenzhen quickly recovered after the Spring Festival, with transaction numbers showing a week-over-week growth for 3 consecutive weeks. In February, there were 3,677 transactions for second-hand residential homes in Shenzhen, a 106.0% year-on-year increase, with a cumulative year-on-year increase of 56.8% for January and February. Regarding prices, in February, the price of second-hand residential homes in Shenzhen fell by 0.13% month-on-month and by 3.45% year-on-year, marking 5 consecutive months of narrowing year-on-year declines. Hangzhou: Both month-on-month and year-on-year transactions of second-hand houses increased, with a continuous narrowing of the month-on-month price decline. In terms of transactions, the market gradually warmed up after the Spring Festival, with a significant increase in house viewings in the latter half of the month. In February, there were 4,714 transactions for second-hand residential homes in Hangzhou, a 3.7% month-on-month increase and a 220.9% year-on-year increase, with a cumulative year-on-year increase of 62.7% for January and February. Regarding prices, in February, the price of second-hand residential homes in Hangzhou fell by 0.26% month-on-month, marking a narrowing of the decline for 4 consecutive months. In different regions, prices for high-quality properties in the core areas remained stable, while prices for affordable properties in suburban areas, such as the Linping East Lake area, saw noticeable price reductions. Nanjing: In a high listing environment, the short-term second-hand housing market continues to face pressure. In terms of transactions, after the Spring Festival, there was a slight increase in home viewing activity and willingness to purchase among buyers in Nanjing, leading to some restoration of market confidence. However, with the high number of second-hand housing listings in Nanjing, there is still a significant bargaining space, indicating a buyer's market. In February, there were 7,847 transactions for second-hand residential homes in Nanjing, a 17.7% year-on-year increase due to a low base, with a 5.2% year-on-year increase for January and February. Regarding prices, in February, the price of second-hand residential homes in Nanjing fell by 0.56% month-on-month, staying relatively the same as the previous month. Wuhan: Short-term expectations for a decrease in second-hand housing prices continue. Buyer expectations in the second-hand housing market are weak, leading to downward pressure on prices in the short term. In February, the price of second-hand residential homes in Wuhan fell by 0.68% month-on-month and by 9.90% year-on-year. Looking at different regions, prices of second-hand residential homes in all districts continued to decline month-over-month, with most areas seeing an expansion of the decline compared to the previous month. With the traditional peak season of "Minor Spring" in March coming, market activity may slightly increase, but price stabilization will still take time. Chengdu: The second-hand housing market maintains certain activity, with prices rising for the 4th consecutive month. In terms of transactions, as people returned to work after the Spring Festival, the trading activity in the second-hand housing market in Chengdu gradually increased. However, market differentiation remains significant, with the "5+2" areas performing relatively well, while the secondary ring areas like Qingbaijiang and Xindu still face high pressure to clear inventory and continue to rely on low price strategies. In February, there were 17,546 transactions for second-hand residential homes in Chengdu, a 2.1% month-on-month increase and an 88.8% year-on-year increase, with a cumulative year-on-year increase of 31.5% for January and February. Regarding prices, in February, the price of second-hand residential homes in Chengdu increased by 0.08% month-on-month, marking 4 consecutive months of month-on-month increases. With the traditional peak season in March and the implementation of policies, the core area of the second-hand housing market in Chengdu is expected to remain active. Chongqing (main...Urban area: The price of second-hand houses continued to decline in February, with the prices of core area properties remaining relatively stable.In terms of prices, in early February, Chongqing completely lifted its restrictions on home purchases. Some poorly located or inadequately equipped housing units or older properties faced downward price pressure due to increased competition, while high-quality properties in core areas and homes near schools performed relatively well. In February, the overall price of second-hand residential properties in Chongqing dropped by 0.37% on a monthly basis and 7.02% year-on-year. In March, driven by the traditional post-Chinese New Year market rebound and the release of demand for education, the pressure on the adjustment of the second-hand housing market in Chongqing may be alleviated. Tianjin: Under the previous school district policies, some core areas in Tianjin remained active in February, but the downward trend in prices did not change. After the end of the Chinese New Year holiday in February, the second-hand housing market in Tianjin continued to warm up, with areas such as Hexi, Nankai, and Hedong with school district attributes showing active performance. In terms of prices, in February, the price of second-hand housing in Tianjin dropped by 0.34% on a monthly basis and 6.26% year-on-year. In March, with the favorable policies of the Two Sessions and market sentiment driving potential homebuying demand, the second-hand housing market in Tianjin is expected to further recover. The heat of the second-hand housing market in core cities in March is expected to continue. Overall, after the end of the Chinese New Year holiday, the activity of the second-hand housing market in key cities gradually resumed, and market transactions returned to normal. Meanwhile, second-hand housing prices remained relatively stable, with Chengdu's prices rising for four consecutive months and the month-on-month decline in most cities narrowing. In March, with the traditional peak seasons of "Golden March" and "Silver April", the entry of demand for education and favorable policies driving resident homebuying sentiment, the volume of second-hand housing transactions is expected to continue recovering. "Stabilizing the market" remains the core goal of real estate policies this year. The government work report of the Two Sessions this year listed "stabilizing the real estate and stock markets" as part of the overall requirements and reiterated the need to "continuously push for the stabilization of the real estate market," in order to instill confidence in the market. It also mentioned "implementing differentiated policies to reduce restrictive measures,... to fully unleash the potential of rigid and improvement housing demand." If core cities like Beijing, Shanghai, and Shenzhen accelerate the optimization of home purchase and lending restrictions, it will help accelerate market stabilization. In addition, the prices of second-hand homes in some cities have almost adjusted to reasonable levels, and with the release of education demand, the heat of the second-hand housing market in core cities is likely to continue in the short term.