Market Overview
China's housing market in 13 key cities recorded total transactions of approximately 18.88 million square meters in July 2026, according to research from CRIC. This represents an 11.56% month-on-month decline but a 7.03% year-on-year increase, as the market entered the traditional summer slowdown.
New Homes vs Second-Hand Split
| Category | July 2026 Volume | MoM | YoY |
|---|---|---|---|
| Total transactions | 18.88 million sqm | -11.56% | +7.03% |
| New residential | 5.67 million sqm | -22.74% | +1.76% |
| Second-hand residential | 13.21 million sqm | -5.70% | +9.47% |
Second-Hand Market Resilience
The data reveals a striking divergence: second-hand home transactions now account for nearly 70% of total residential deals in these major cities. While new home sales saw a sharper seasonal decline of 22.74% month-on-month, the second-hand market proved more resilient with only a 5.70% drop. Year-on-year, second-hand transactions grew nearly 9.5%, far outpacing the 1.76% gain in new home sales.
Market Characteristics
CRIC characterized July as showing "new homes in seasonal retreat, second-hand maintaining resilience." The traditional summer off-season dampened new project launches and buyer activity, while existing-home inventory and competitive pricing sustained secondary market momentum. The trend aligns with China's broader shift toward a stock-dominated housing ecosystem.