In 2025, the national real estate market has exhibited an overall trajectory of "steady at first, then declining." In the first quarter, buoyed by the lingering effects of the new policies rolled out last September, both transaction volume and prices remained stable. However, from the second quarter onward, as the policy effects faded, the market once again entered a downward cycle. Key indicators—including nationwide new home sales and second-hand home prices in Tier 1 cities—have shown month-on-month declines with a widening trend.
This downturn can be primarily attributed to the waning impact of the stimulus policies introduced in September of last year, with the market gradually reverting to its pre-stimulus state. This is clearly reflected in both the monthly trajectory of new home sales and shifts in housing prices across Tier 1 cities.
Chart: National Monthly Sales Area and Year-on-Year Change of Newly Built Commercial Residential Property (Feb. 2021–Nov. 2025)