In May, the real estate market continued its popularity since the "Little Spring", with active transactions in key cities. From the perspective of the new housing market, data from the China Index Research Institute shows that the transaction area of newly-built commercial residential properties in 100 cities increased by 7% month on month in May, with a slight decrease of 2% year-on-year. Among them, first tier cities have seen a year-on-year growth of 10%, marking two consecutive months of year-on-year growth. Beijing, Shanghai, Guangzhou, and Shenzhen have seen year-on-year growth of 15%, 2%, 7%, and 50%, respectively. After continuous adjustments, new housing transactions in first tier cities have basically entered a bottoming out period, and the market is accumulating positive recovery momentum. With the advancement of the linkage work between new and second-hand houses, it is expected to show even better performance in the future. ”Yan Yuejin stated that first tier cities, as the "wind vane" of the national real estate market, will have a positive impact on other cities across the country if they are the first to recover. On the one hand, the manifestation of policy effects in first tier cities provides valuable experience for other cities to optimize regulatory policies and stabilize market expectations; On the other hand, the steady rebound in trading volume is expected to drive an improvement in price expectations, thereby forming a virtuous cycle of "stable volume and stable price - confidence return - demand release". In terms of the second-hand housing market, data from the China Index Research Institute shows that the second-hand housing market maintained a high level of activity in May, and the market heat remained stronger than the same period in previous years. In May, 141000 second-hand residential units were sold in key 20 cities, a month on month decrease of 9.0% and a year-on-year increase of 19.3%. The year-on-year growth rate expanded by 6.3 percentage points compared to April. Overall, in the first five months of this year, 629000 second-hand residential units were sold in key 20 cities, a year-on-year increase of 4.4%, indicating a stable release of demand. In first tier cities, the transaction volume of second-hand housing markets in Beijing and Shanghai has reached a new high in the same period of nearly five years for two consecutive months. According to data from the Beijing Municipal Commission of Housing and Urban Rural Development, there were 16008 second-hand houses signed online in May, a year-on-year increase of 12.1%; According to online real estate data, 28023 second-hand houses were signed online in Shanghai in May, a year-on-year increase of 30.9%. Yan Yuejin, Vice President of Shanghai E-house Real Estate Research Institute, stated that the real estate market exceeded expectations this spring. The trading volume of Shanghai's second-hand housing market has remained high for three consecutive months, stabilizing at over 28000 units, reflecting the sustained release of housing demand beyond expectations and strong internal market dynamics. In May, Shanghai and Guangzhou promoted the acquisition of second-hand houses and launched the "old for new" housing program. Guangzhou has also released the "Implementation Measures for the Conversion of Commercial Personal Housing Loans to Housing Provident Fund Personal Housing Loans in Guangzhou (Interim)", which has optimized the policy of "commercial to public conversion". Cao Jingjing, General Manager of the Index Research Department of the China Index Research Institute, stated that in May, the policy level continued the "stabilizing the market" tone, optimizing in areas such as urban renewal, stock revitalization, and housing provident fund. Over 80 real estate related policies were introduced in various regions. In the future, various regions may continue to promote policy implementation through city specific measures, and the demand side may further reduce the cost of buying a house, such as lowering mortgage interest rates and providing loan interest subsidies; The supply side is expected to increase the collection and storage of existing commercial housing and idle land, and accelerate the promotion of policies such as "collecting old and exchanging new" to connect the replacement chain. Regarding the future performance of the real estate market, Cao Jingjing believes that as the mid year sales milestone approaches, the pace of promoting high-quality projects in key cities and the marketing efforts of real estate companies are expected to increase. New house sales in core cities may continue to show a moderate recovery trend, but the differentiation pattern between cities and projects will further become prominent. The transaction volume of second-hand houses is expected to remain stable in the middle of the year, and with the gradual decline in listing volume, the price decline is expected to remain within a narrow range. (Looking into the New Era)