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In July, driven by the favorable "June 26" new policy, Beijing's second-hand housing market showed signs of recovery. According to statistics from the official website of Beijing Municipal Housing and Urban-Rural Development Commission, the transaction volume of second-hand residential properties in Beijing in July was 15,575 units, a month-on-month increase of 3.9% and a year-on-year increase of 60.3%.

As transaction volume increased, the overall transaction price of second-hand houses in Beijing also showed a trend of stopping falling. In the view of industry insiders, the "6.26" new policy further lowered the threshold for demand to enter the market, effectively promoted the release of demand, and significantly boosted market confidence. The pace of second-hand housing transactions was significantly accelerated, and prices gradually stopped falling and stabilized.

The new policy has brought about favorable conditions, and the pace of second-hand housing transactions has accelerated

In July, many homebuyers who had previously been on the sidelines accelerated their pace into the market.

"I had been looking for a property for half a year but had never made a move. Under the new policy, both the down payment and interest rate were reduced. In July, I finally made up my mind to buy the house I liked," said Mr. Wang from Beijing.

There are many buyers who made the same choice as Mr. Wang. Che Junhu is the person in charge of the Beijing Lianjia Chaoyang District Tuanjiehu store located on the East Third Ring Road. He told the Beijing News reporter about a house purchase case in early July. "On July 6, a customer came to the store at 11 a.m. and showed three houses. He signed the contract at around 4 p.m. and bought a one-bedroom apartment worth about 2 million yuan." Che Junhu told reporters that judging from the buyer's house purchase experience, he was obviously driven by the benefits of the new policy. Before the "6.26" new policy, his down payment was not enough, so he looked at many houses in other areas but did not make a move. After the new policy was introduced, his down payment was enough, and the reduction in interest rates was also conducive to reducing the cost of buying a house, so he decisively signed the contract to buy a house.

From the overall situation in the region, Che Junhu said that the number of store consultations and showings in July increased significantly, and the pace of transactions accelerated significantly, with transaction volume increasing by about 40% compared with the previous month. At the same time, the number of listings decreased slightly, and the listing price stabilized and rebounded. The average listing price in July was about 40,000 yuan, which was higher than the average listing price of 38,000 yuan in June. Despite this, there is still room for negotiation, so the transaction price did not rise.

"The new policy benefits the market in many ways. In addition to lowering down payments and interest rates, as far as our Tuanjiehu business district is concerned, the extension of the loan term is also of great help to home buyers." Che Junhu introduced that the area is mainly composed of old public housing communities near the Third Ring Road. Previously, the short housing loan term led to high monthly payments for home buyers. Now that the assessment period has been extended, most of the houses here can be loaned for 25 or even 30 years, which can effectively reduce the monthly payment pressure on home buyers.

In the Century City business district of Haidian District, the market also showed a trend of increasing volume and stable prices. Xiao Yukun, the manager of the Guanshanyuan store in Zhongyuan Century City War Zone in Beijing, said that in July, 26 commercial housing units were sold in the park, 10 more than the previous month. It is worth mentioning that the transaction price is currently showing a trend of stopping the decline. For example, the transaction price of a 125-square-meter 3-bedroom house in Qingxueyuan is currently stable at around 16 million yuan. At the same time, the number of listings decreased in July, while the listing prices remained stable. At present, customers are still relatively rational and do not chase the price increase, and the owners' mentality is relatively stable, and the room for bargaining has narrowed.

The number of online signings exceeded 15,000, and the transaction price gradually stabilized

For the July market, the "June 26" new policy of reducing down payment ratios and mortgage interest rates is undoubtedly a major positive. While market confidence has increased, Beijing's second-hand housing transaction volume has also increased significantly.

According to statistics from Beijing Lianjia Research Institute and data from the official website of Beijing Municipal Housing and Urban-Rural Development Commission, the transaction volume of second-hand residential properties in Beijing in July was 15,575 units, a month-on-month increase of 3.9% and a year-on-year increase of 60.3%. Leng Hui, an analyst at Beijing Lianjia Research Institute, pointed out that after the introduction of the "6.26" policy, the pace of second-hand housing transactions in Beijing has increased, and the online signing volume has further increased on the basis of June, reaching the highest level in nearly 16 months.

"In July, the number of second-hand residential properties signed online in Beijing reached 15,000 units, setting a new monthly high since March last year," said an analyst at Maitian Real Estate.

Monthly online signing volume of second-hand residential properties in Beijing in the past 16 months

At the same time, with the continuous increase in transactions, the supply and demand relationship in the market is undergoing some changes. According to Maitian Real Estate data statistics, the average transaction price of second-hand houses in Beijing (properties covered by Maitian) stopped falling and stabilized in July.

Data from Beijing Lianjia also showed that the average transaction price of second-hand housing in Beijing in July was basically the same as in June, and has remained stable for four consecutive months. Looking at the price trends in various districts, prices in more than half of the urban areas rose slightly this month.

The latest monitoring data from China Index Academy showed that the month-on-month decline in Beijing's second-hand housing prices in July narrowed slightly from the previous month, but still fell year-on-year.

In Leng Hui's opinion, the current Beijing second-hand housing market is expected to be generally stable, and transaction prices are expected to remain stable for some time to come.

The number of listings has decreased, and the room for negotiation has narrowed

From the perspective of listing and inventory, Maitian Real Estate analysts believe that with the recovery of second-hand housing transactions in the past two months, the accelerated sales of high-quality housing sources, the total number of second-hand housing listings in Beijing continued to decline in July, and the contradiction between supply and demand in the market has eased. However, in the inventory structure, old houses with a building age of more than 20 years and small units with an area of ​​less than 90 square meters still account for about 60%, and there is still a certain pressure to sell the housing sources that are just needed. At present, Beijing's second-hand housing still shows the characteristics of a buyer's market.

It is worth mentioning that in terms of bargaining space, Maitian Real Estate statistics show that the bargaining space for houses sold in July narrowed by 0.35 percentage points compared with June. The bargaining space for second-hand houses has narrowed for the first time in half a year, indicating that owners' expectations have increased after the new policy and their willingness to "give in prices" has decreased.

As for the future market trend, Wheatfield Real Estate analysts predict that as time goes by, the impact of the new policy on the market may gradually weaken. Coupled with the influence of hot weather, home buyers' willingness to go out to view houses will decrease. The Beijing second-hand housing market may usher in a period of adjustment in August.

Xu Yuejin, deputy director of research at China Index Academy, pointed out that with the reduction of Beijing's down payment ratio and mortgage interest rates, Beijing's second-hand housing market continued to be active in July, but prices are still adjusting, and the overall performance is "trading price for volume". With the successful convening of the Third Plenary Session of the 20th CPC Central Committee, the meeting clearly proposed "allowing relevant cities to cancel or reduce housing purchase restrictions and cancel the standards for ordinary and non-ordinary residences", and the expectation of optimizing Beijing's housing policy has been further enhanced. In the future, if the relevant policy optimization is implemented, the activity of Beijing's second-hand housing market is expected to continue. The continued activeness of market transactions will play a positive role in stabilizing expectations. The decline in housing prices is expected to continue to narrow in the future, but the expectation of rising housing prices in the short term is not sufficient.

Beijing News reporter Yang Juanjuan

Edited by Duan Wenping and proofread by Liu Baoqing