The motivation for residents to improve their housing conditions slightly weakened in July.

According to a statement from the China Index Academy, overall, the momentum for residential property improvement in July showed a slight weakening. The tendency for residents to remain on the sidelines is relatively pronounced, with the proportion of increased home purchasing falling from a stable state, while the proportion of decreased purchases remains at a continued high level. During the ongoing market bottoming phase, the recovery of consumer confidence in home buying is slow. The willingness to purchase homes in first-tier cities remains relatively stable, while residents' confidence in home buying in second-tier cities has seen a slight decline, and confidence in purchasing homes in third- and fourth-tier cities has rapidly decreased.