Half of 2025 has already passed. In the first half of the year, the real estate market has been steadily improving through policy guidance, demand adjustments, and industry transformation. The market is seeking new opportunities through differentiation and building new models through adjustments. Each link interacts with each other to jointly promote the overall stabilization of the industry. Looking back on the first half of the year: Policy benefits continue to be released, and the real estate market is nurturing new momentum in differentiation. In the first half of the year, the central and local governments continued to implement "stabilizing the real estate market" policies, deploying around multiple aspects such as destocking, expanding demand, new models, and risk mitigation. According to monitoring data from the Zhongzhi Research Institute, in the first half of the year (as of June 25th), over 160 provinces and cities (counties) in China have issued more than 340 optimization policies, involving expanding the use of existing commercial housing, optimizing housing ticket placement policies, accelerating urban village renovation, upgrading local standards for "good houses", and so on. In the first half of the year, thanks to the continuous efforts of the central and local market stabilization policies, the new housing market transactions were generally stable. However, there was significant differentiation among various tier cities, with overall growth in first tier cities, basic stability in second tier cities, and overall decline in third - and fourth tier cities. ”Cao Jingjing, General Manager of Index Research Department of Zhongzhi Research Institute, said. She expects that the trend of differentiation in different cities and projects will continue, and the space for the "good city+good house" new housing market is still there. Zhang Bo, President of 58 Anjuke Research Institute, stated that in the first half of the year, the real estate market is undergoing a deep adjustment from "incremental decline" to "quality improvement" in terms of new houses, second-hand houses, leasing, and other dimensions. In his view, the differentiation of heat in the new housing market and the improvement of demand are key variables. According to Anjuke's online data, the average price of new houses in key 66 cities has slightly decreased by 0.5% year-on-year, showing a transitional feature of "quality for quantity": in first tier cities, due to scarce supply in core areas and concentrated high-end improvement projects, the average price has slightly increased (0.8%); Due to the increase in the proportion of demand driven properties, the average price in new first tier and second tier cities has slightly decreased (by 0.5% in new first tier cities). The second-hand housing market presents a "price for quantity" trend. According to Anjuke's online data, the monthly average listing volume of second-hand houses in Baicheng has maintained growth. Zhang Bo said that on the one hand, the listing duration has generally been extended, and the peripheral areas of first tier cities have shown more obvious performance; But the proportion of second-hand housing transactions continues to increase in many cities, which also shows a more obvious trend of stabilizing the second-hand housing market. The housing rental market is stabilizing in terms of prosperity. Zhang Bo stated that the overall leasing prosperity of the 40 cities monitored by 58 Anjuke is running in a "warm" state. The demand for rental housing is also clearly differentiated, with new first tier cities leading the demand heat with industrial vitality. After the second quarter, the demand for new first tier and second tier cities has slightly rebounded. The market is seeking a new balance in differentiation and nurturing new momentum in adjustment. ”Zhang Bo stated that 2025 is a "transitional period" for the deep adjustment of the real estate industry, where improving demand release, returning quality and value, and promoting differentiated urban development are direct manifestations of the adjustment. Looking ahead to the second half of the year: policy acceleration, effectiveness, and quality development become the main direction. The State Council executive meeting held on June 13th listened to reports on the construction of a new model for real estate development and the promotion of "good houses" construction, and proposed to "make greater efforts to promote the real estate market to stop falling and stabilize". Industry analysts generally believe that this deployment sends a positive signal that policies will be further strengthened. It is expected that in the second half of the year, policies will focus on stabilizing expectations, activating demand, optimizing supply, and resolving risks to fully implement the policies that have been introduced, and promote the market to stop falling and stabilize. ”Chen Wenjing, Director of Policy Research at the Zhongzhi Research Institute, said. Zhang Bo stated that there are both opportunities and challenges in the real estate market in the second half of the year, but the overall direction of stabilizing the market remains unchanged. The market will continue to adjust and optimize in differentiation, with new houses focusing on improving demand in core cities, second-hand housing supply and demand games, leasing moving towards quality development, intensified core competition in the land market, precise policy implementation to stabilize expectations, and overall seeking balance in adjustment. Quality development will become the main direction of the future real estate market. Zhang Bo believes that real estate companies will increase their investment in "good house" standards such as green buildings and smart homes, and create differentiated competitive advantages. As the supply of "good houses" projects increases and product quality improves in new first - and second tier cities, prices are expected to stabilize and rebound. Regarding the policy direction for the second half of the year, Zhang Bo predicts that there is still room for a reduction in housing loan interest rates on the demand side. Some cities may further relax their purchase and loan restrictions, and increase support for multi child families, new urban residents, and other groups to purchase houses; On the supply side, accelerate the construction of affordable housing, promote the renovation of old residential areas and urban renewal, and optimize the land supply structure; In terms of market supervision, we will strengthen the supervision of real estate enterprise funds, regulate market order, crack down on malicious speculation, false advertising and other behaviors, and promote the construction of long-term mechanisms to promote the stable and healthy development of the market. (New Society)