Ke Rui: Core first and second-tier cities are expected to maintain active listing enthusiasm in the second half of the year, while weaker second and third-tier cities will focus on destocking.

According to the WiseWealth Financial APP, Colliers International Real Estate Research stated that in the first half of 2026, the total inventory of residential properties in the key 50 cities has been decreasing for several quarters, but the sales cycle has not decreased, instead, it has increased. As of the end of June 2026, the total narrow inventory of residential properties in 50 key cities in the country is about 300 million square meters, a year-on-year decrease of about 7.3%, a cumulative decrease of about 23.3% compared to early 2023, falling to a low point in three years. However, the sales cycle remains in the high range of 26.1 months, an increase of 7.3 months from January 2023 when it was 18.8 months. Looking ahead to the second half of the year, the supply side will continue the strategy of "determining production based on sales", with active promotion expected in core first and second-tier cities, while weaker second and third-tier cities will further reduce inventory and move towards inventory clearance. On the policy side, efforts will continue to focus on "controlling incremental supply, reducing inventory, and optimizing supply", with both supply and demand sides working together to clear the market. However, the substantial improvement in the sales cycle will ultimately depend on the reversal of residents' housing purchase expectations and the substantial repair of the demand side.