Recently, discussions about whether housing prices have hit bottom have intensified. Data shows that since the second half of 2023, month-on-month declines in both new and existing home prices have narrowed across many Chinese cities, with some hot markets even seeing modest rebounds. On the policy front, supportive measures—such as lower down payment requirements, reduced mortgage rates, and relaxed purchase restrictions—have been rolled out to stabilize market expectations and support reasonable housing demand. However, challenges remain. Household income expectations have yet to fully recover, dampening buyer confidence, while many third- and fourth-tier cities still face high inventory levels and long absorption cycles. Most experts believe prices may be approaching a short-term bottom, but a broad-based recovery will take time. Future trends will depend on the pace of macroeconomic recovery, demographic shifts, and progress in establishing a long-term housing market mechanism. In short, ‘hitting bottom’ does not mean an imminent surge; instead, the market is likely entering a prolonged phase of consolidation and gradual adjustment.
近期，关于‘房价是否已经见底’的讨论持续升温。从数据来看，2023年下半年以来，全国多个城市新房和二手房价格环比跌幅收窄，部分热点城市甚至出现小幅回升。政策层面也释放出积极信号：降首付、降利率、放松限购等措施密集出台，旨在稳定市场预期、支持合理住房需求。然而，市场复苏仍面临挑战。一方面，居民收入预期尚未完全恢复，购房信心仍显不足；另一方面，部分三四线城市库存压力较大，去化周期较长。专家普遍认为，当前房价可能已接近阶段性底部，但全面反弹仍需时间。未来走势将取决于宏观经济修复力度、人口结构变化以及房地产长效机制的完善程度。总体而言，‘见底’不等于‘大涨’，市场或将进入一个长期筑底、温和调整的新阶段。
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