CRIC: The real estate market remains in an overlapping phase of "continued policy consolidation and ongoing market bottoming."

Zhito Finance APP has learned that CRIC released its monitoring of the transaction structure and inventory destocking of the commodity housing market in 15 key cities for September 2026. In September 2026, the housing market in key cities, under the "Golden September" window, showed the characteristics of "concentrated supply release, a month-on-month rebound in new homes, and a slight decline in second-hand homes." New home supply surged significantly, driven by developers' concentrated obtaining of pre-sale permits and launches, which drove a month-on-month rebound in new home transactions, but year-on-year it remained in a declining range; second-hand homes, under a high base, edged down 1.13% month-on-month, while still maintaining positive year-on-year growth of 5.34%. The surge in new home supply with insufficient follow-through in transactions pushed inventory from decline to increase, with the destocking cycle lengthening simultaneously, further increasing overall destocking pressure. On balance, the real estate market in September remained in an overlapping phase of "continued policy consolidation and the market continuing to bottom out." The extent to which institutional positives are realized depends on the pace of implementation of supporting detailed rules in the fourth quarter, while the phased reversal in the supply-demand relationship indicates that the market recovery will not be achieved overnight.