The past month of January was quite busy, with a significant increase in the number of people looking at and buying houses compared to last month, "said a sales consultant at a Maitian real estate store in Haidian District, Beijing. The market is now in the stage of customers purchasing on demand and owners selling on demand. The overall price of second-hand houses has declined compared to 2025, but the inventory of low-priced housing is gradually decreasing, and the price of the same type of apartment will rise. In January, the transaction volume of second-hand houses in Beijing (as of January 29) increased by 15% compared to December 2025, indicating that market transactions are indeed recovering. ”Gao Yuan, the director of Beijing Lianjia Research Institute, said that from the perspective of new customer sources and viewership, the current market demand and customer activity have both increased to a certain extent, which can lay the foundation for future market recovery. According to the latest data from the Beijing Municipal Commission of Housing and Urban Rural Development, the online signing volume of second-hand residential properties in Beijing reached 15000 units in January, which is the second consecutive month since December 2025 that the online signing volume has remained above 15000 units; In January 2026, a total of 22834 second-hand houses were sold in Shanghai, an increase of 24% from 18387 in January 2025. At the same time, the listing volume of second-hand houses in Shanghai has shown a downward trend for 9 consecutive months, and the market supply and demand are gradually approaching balance. According to the "January Guangzhou Second hand Residential Market Transaction Monthly Report" released by the Guangzhou Real Estate Intermediary Association, the number and area of online signed second-hand residential units in Guangzhou reached 8881 units and 894000 square meters in January 2026 (from December 26, 2025 to January 25, 2026), with a slight increase of 1.07% and 2.05% respectively compared to the previous month. In January 2026, 5281 second-hand residential properties were sold and transferred in Shenzhen, a year-on-year increase of 15.96% and a month on month increase of 6.88%, marking three consecutive months of month on month growth. From the end of 2025 to the beginning of 2026, the second-hand housing market will be active, mainly due to the significant improvement in the cost-effectiveness of purchasing with the adjustment of second-hand housing prices, and the lowering of the threshold for purchasing. Especially for second-hand houses located in the core areas of high-quality cities such as Beijing and Shanghai, their cost-effectiveness advantages are prominent. ”Yan Yuejin, Vice President of Shanghai E-house Real Estate Research Institute, said that taking Shanghai as an example, properties priced around 3 million yuan or even lower are favored by the market. With a 15% down payment ratio, buying a house has become relatively easy, and the market demand is relatively sufficient. Regarding the continuous decrease in the number of second-hand housing listings, Yan Yuejin stated that this reflects the price expectations of some landlords and indirectly indicates that the market adjustment has entered a new stage, that is, the current supply and demand can remain relatively stable. In addition, the rebound of the second-hand housing market is largely related to the relaxation of purchase restrictions. After the relaxation of purchase restrictions, the threshold for some first-time homebuyers to buy a house has been lowered, and the number of homebuyers has expanded. Positive policies continue to unleash market vitality. Starting from January 1, 2026, the value-added tax policy for individual housing sales will be adjusted. Housing held for more than 2 years (including 2 years) is exempt from value-added tax on external sales. For those held for less than 2 years, the levy rate will be reduced from 5% to 3%; The personal income tax refund policy related to supporting residents to purchase housing will continue to be implemented until the end of 2027. Starting from January 1, 2026, the interest rate for housing provident fund loans will be reduced by 0.25 percentage points. The interest rate for first-time homebuyers over five years is as low as 2.6%, while the interest rate for second tier homebuyers is 3.075%; The interest rate for first-time buyers under five years is 2.1%, and for second buyers it is 2.525%. Existing loans (issued before May 8, 2025) will be automatically repriced. In addition, many regions across the country have also introduced policies to support flexible use of housing provident fund. Overall, the relaxation of purchase restrictions, optimization of credit, reduction of taxes and fees, combined with the continuation of individual income tax refunds for home transfers, have lowered the threshold for home purchases and transaction costs, promoting market recovery. In addition to policy reasons, there are also seasonal and cyclical reasons. In the first quarter of each year, there will be a seasonal increase in the transaction scale of essential housing; The relatively late Spring Festival this year has shifted the trading peak forward. The current market performance is the result of a combination of improved expectations, policy incentives, and seasonal recovery. ”The plateau said. Regarding the overall assessment of the real estate market in 2026, Yan Yuejin stated that overall, the policy environment is at a historically good level, the cost-effectiveness of housing prices is prominent, and the macroeconomic situation is further improving, all of which have a positive impact on the real estate market. Both the new and second-hand housing markets have a good foundation for stabilization. Li Yujia, Chief Researcher of Guangdong Housing Policy Research Center, believes that the stable trend of sales of new and second-hand houses across the country and key cities has been confirmed. However, from bottoming out to stabilizing and consolidating the foundation at the bottom, it still requires joint efforts from multiple parties, including promoting the transaction cycle of primary and secondary housing at the industry level, continuing to reduce transaction costs, purifying the transaction environment and order, and enhancing market expectations. (New Society)