> in may, the national real estate market sent a clear signal: ** 100 cities lost 0. 32 per cent of the average price of second-hand dwellings, down 0. 14 per cent from last month, down 7. 99 per cent from the same date, down 0. 35 per cent.** looking at this data set alone, it does not simply “fall slow”, but rather, after years of deep adjustment, the supply-demand relationship in the core cities is being substantially re-engineered. # the turnover is stable and the current round of repairs is no longer “price-for-price” as opposed to the “price-for-value” model for the same period last year, and the market is characterized by the simultaneous occurrence of turnover and price stability. In may, 141,000 second-hand homes were sold in 20 priority cities, representing an increase of 19. 3 per cent over the same period. (blockview://markdown-image-tos-cn-i-t/4c821a0f8c8c8d4c6d4d4c1e8a73362bd3) about 28,000 second-hand commodity units were sold in shanghai, a 30. 9 per cent increase over the same period of nearly five years. At the price level, the second-hand house in shanghai increased by 0. 13 per cent and has been rising for three consecutive months. At the same time as the turnover is high, there is no “solder” phenomenon that has previously been common. In may, approximately 120,000 new listed housing units were added to focus 25 cities, a decrease of approximately 41 per cent over the same period. The total number of second-hand rooms in beijing dropped from 14. 32 million in september 2025 to 1183 million, a decrease of 17. 39 per cent. The contraction of the supply side provides realistic support for price stability. The general manager of the institute's index research department, cao jing jing, said in this assessment: “the convergence of the trade-off with the listings is a central difference between the current round of market repairs and last year's `price-for-cost' model.” # policy landings and costs are behind the repair of the demand end of the double-driving demand release, which is a dual effect of policy and financial costs. In the first five months, more than 430 projects were introduced in various provinces and cities throughout the country, covering various dimensions such as easing restrictions on purchases, reducing down payments and optimizing credit. Shanghai has extended the pilot storage of second-hand houses to all central cities, directly reducing market supply and opening the replacement chain; guangzhou has launched a “eight-e-8” new deal that promotes the signing of 1,0100 second-hand rooms in may, an increase of 19 per cent over the ring. At the same time, the cost of house purchases has fallen to historically low levels. In the first quarter of 2026, the weighted average interest rate on new personal housing loans was reduced to 3. 06 per cent nationwide, significantly reducing the monthly pressure. Price reversals have allowed part of the housing stock to enter the space that is just affordable, increasing the share of small households below 70 square metres in beijing and shanghai to 38 per cent and 42 per cent respectively. # the high heat of the land market and the fact that the price premium for the core plots is normal in parallel with the narrow decline in the price of second-hand houses is a continuous warming of the core urban land market. On 5 june, the paulie building won a premium of 150. 7 per cent for t204-0153 land on shenzhen south shan sea street at $5. 772 billion, at a floor price of $108. 6 million/m2 to update the recording of land prices in shenzhen. (blockview://markdown-image-tos-cn-i-tt/b2b3ab9bd0aaf450466f19052e78537) the streets of the zen sea, where the plot is located, in 2024, GDP exceeded $450 billion, and the residential land supply was extremely scarce, with almost “disconnected” over the past six years. (blockview://markdown-image-tos-cn-i-tt/5b023e6d3d31d4ad4ada9a4c5423a0bf9785) in the fourth set of earth shoots in shanghai, the premium was over 40 per cent for both z000302 plots and pelican plots in pudong. The nanjing hyung-wu district has a 50. 24 per cent premium after a 90-round bid, which has resulted in a record rate of concessions for nearly 10 years in nanjing. There is a premium of 31. 04 per cent for residences in wuhan wuchang district and 30. 04 per cent for plots in suzhou industrial park. In may, china took over $29 billion in land, yusumi took over $27. 2 billion in property, paulie took over $20. 6 billion and zhang took over 80 per cent of land. During the same period, only 8,65 billion yuan was spent on land in top 30 housing enterprises, a sharp decrease of nearly 80 per cent. Competition patterns in land markets and financial flows have clearly pointed to scarce assets at the core of the city. # the price of second-hand houses in parallel with the k-type split scenario is so stable that the high price premium on the land market creates a partial two-way transfer: the second-hand room is handed back to the heating-enabled replacement chain, and the head company's return on sales is improved, thus supporting its precision in the core city; and the core plot's high-price deal releases a “recognition” signal to the market to further repair the price expectations for the surrounding second-hand houses. However, this chain of transmission has clear boundaries. In may, average second-hand residential prices in 100 cities continued to decline by 7. 99 per cent in relation to each other, while the 3rd and 4th-line urban ring fell by 0. 38 per cent. According to data from the institute of secondary studies, there were 93 cities in april, when the price of secondary housing fell. Low-line cities, such as harbin, changchun and taihara, generally undergo a evacuation cycle of more than 24 months, and market responses are flat. According to the nhdr, the recent rise in demand and improvements in shenzhen in shanghai has been brought to a halt, with the valuation bottom of the upturn in rent rates — an average rent return of 2. 26 per cent in the city — up from 1. 8 per cent in the 10-year national debt. In its latest report, deutsche bank has judged “k-type recovery”: recovery is limited to first-line cities and second-line cities with strong economic dynamism, and out-of-population cities may not be able to see a turning point in the long run. From january to april 2026, there was a 19. 2 per cent decrease in the planned construction in comparison with the national land deal, and the threshold for land acquisition in 100 typical enterprises was lower by almost five years. According to kerry's analysis, most enterprises are in the middle of a “no fight” in core cities without the participation of non-core cities. Rehabilitation and fragmentation are becoming the central narrative line in the current real estate market。
