At present, the overall real estate market is in a stage of adjustment, and some real estate enterprises are facing certain difficulties in operation, especially some leading real estate enterprises' debt risks have been exposed, affecting market expectations. However, it should be noted that these problems are phased in nature. With the gradual implementation of market adjustment mechanisms and the optimization of real estate market policies, real estate enterprise risks are expected to be gradually resolved. "On August 15, a spokesperson for the National Bureau of Statistics Fu Linghui, Director of the Department of Comprehensive Statistics of the National Economy, made the above statement when discussing real estate at the press conference of the National Development Office. The real estate industry is undergoing a series of deep adjustments, which are also intuitively reflected in the data. On the 16th, data released by the National Bureau of Statistics showed that in July 2023, the sales prices of commercial residential buildings in 70 large and medium-sized cities increased, while the number of cities decreased. The sales prices of commercial residential buildings in all tier cities remained unchanged or decreased month on month, while there were increases and decreases year-on-year. According to data from the National Bureau of Statistics, housing prices in 70 large and medium-sized cities have remained stable or slightly decreased compared to the previous month. The number of cities with a decrease in the sales prices of commercial residential properties has increased in July, while the sales prices of commercial residential properties in all tier cities have remained stable or decreased compared to the previous month, with year-on-year increases and decreases. From the perspective of newly-built commercial residential buildings, in July, the sales prices of newly-built commercial residential buildings in first tier cities remained unchanged for two consecutive months month on month; The sales price of newly-built commercial residential buildings in second tier cities decreased by 0.2% compared to the previous month, which remained unchanged; The sales price of newly built commercial residential buildings in third tier cities decreased by 0.3% month on month, an increase of 0.2 percentage points compared to the previous month. In July, the sales of new houses nationwide declined, and residents' purchasing sentiment fell to a stage low. Visits and subscriptions to new houses on site all declined, leading to a decline in market sentiment. The increased efforts of developers to reduce prices and promote prices have led to a decline in housing prices, "said Li Yujia, Chief Researcher of the Housing Policy Research Center of the Guangdong Urban Planning Institute. The current pressure on housing prices, in turn, also indicates that the policy optimization and adjustment initiated in August will inevitably be comprehensive. "Yan Yuejin, research director of E-House Research Institute, believes that the current market price adjustment is basically in place, and the foundation for stabilizing and recovering is becoming increasingly solid. A new round of loose housing policy is continuing to arrive, which has a positive effect on the recovery of market transactions. From the perspective of second-hand housing, in July, the sales price of second-hand housing in first tier cities decreased by 0.8% month on month, an increase of 0.1 percentage points compared to the previous month; The sales price of second-hand residential buildings in second tier cities decreased by 0.5% month on month, an increase of 0.1 percentage points compared to the previous month; The sales price of second-hand residential buildings in third tier cities decreased by 0.4% month on month, the same decrease as last month. Li Yujia's analysis indicates that the decline in second-hand houses compared to new houses on a month on month basis is mainly due to the continuous record high listing volume of second-hand houses, monthly sales volume being less than the listing volume, increased transaction cycles, and expected decline, which has led to some properties continuously lowering their listing prices in order to ship as soon as possible. "At present, second-hand housing has entered a comprehensive, in-depth and phased adjustment, and it is normal for the price data to fall during the adjustment." Yan Yuejin said that the increase in the number of second-hand housing listings has indeed brought price pressure, but from another perspective, the price adjustment of second-hand housing has also reduced the price foam of purchasing second-hand housing, and the subscription price performance ratio is increasing. Expectation policies for first and second tier cities