Second-hand housing listing volume falls, new housing inventory decreases, and the supply and demand relationship in the real estate market improves.

Against the backdrop of concentrated release of housing demand, the real estate market has continued to stabilize, with market transactions remaining highly active. As a result, there have been positive signals on the supply side of the market, and the supply-demand relationship is improving. In the second-hand housing market, data from the China Index Research Institute shows that the number of newly listed second-hand housing in the 25 key cities reached 120,000 units in May, a year-on-year decrease of about 41%. Cao Jingjing, general manager of the index research department of the China Index Research Institute, stated that after this year's "small spring", the number of newly listed second-hand houses has continued to decline, and the listing expectations of owners have stabilized. Although the overall scale of second-hand housing transactions in 2025 is not low, it is mainly driven by a surge in the number of listings, which continues to put pressure on prices. However, this year's increase in transactions and stabilizing of listings and prices simultaneously is a core difference from the market repair trend in the previous year, which was characterized by "price in exchange for quantity". It remains to be seen whether this trend can continue in the future.