CRIC: Off-season effect deepens, August transactions of both new and second-hand homes in key cities decline simultaneously

Centaline Property Research pointed out in an article that in August 2026, the real estate market in key cities continued to adjust during the traditional off-season: new home transaction volume hit a new low since March, with the year-on-year decline notably widening; second-hand home transactions fell for a fourth consecutive month on a month-on-month basis, while the year-on-year increase narrowed for three consecutive months but remained positive, still occupying an absolutely dominant position in transactions. Looking ahead, the intensive implementation of new policies on sales systems and credit management at the central level at the end of August, as well as policy easing at the local level in Beijing, Shanghai and other places, are expected to inject expectation support for the market recovery during the "Golden September and Silver October" period. The year-on-year decline in new home transactions in September is expected to narrow, while second-hand homes are expected to remain at a high level of activity, supported by replacement demand.