Middle Finger Research Institute: The first quarter of the judicial auction market transaction increased and prices were under pressure. First-tier cities saw high prices, while third and fourth-tier cities saw increased transaction volume.

The China Index Research Institute stated in a document that in the first quarter of 2026, the national judicial auction housing market showed a slight increase in the number of listings, an increase in transaction volume, and a decrease in transaction price and transaction amount. The proportion of transactions in the first phase increased steadily, and residential properties remained the main force in the judicial auction market. Various types of judicial auction properties saw a decrease in volume and price, with an increase in transactions in the first phase. In the first quarter of 2026, the total number of judicial auction properties listed nationwide reached 225,000 units, an increase of 3.5% compared to the same period last year. There were a total of 306,000 transactions (for the same property, there may be multiple auctions such as first and second auctions), with 43,000 final transactions, a 5.2% increase year-on-year, and a clearance rate of 18.9% (number of transactions/total number of listings), with a total transaction amount of 579.1 billion yuan, a 10.3% decrease year-on-year. The average transaction price for various judicial auction properties was 4864 yuan/square meter, a 5.9% decrease year-on-year, with an average discount rate of 72.6%. In March, the number of various types of judicial auction properties listed nationwide was 87,000 units, a 13.8% decrease from the previous month and an 8.9% increase year-on-year; with a final transaction volume of 15,000 units, a 17.1% increase from the previous month and a 27.9% increase year-on-year, a clearance rate of 17.8%, and a total transaction amount of 206.7 billion yuan, a 3.2% increase year-on-year. The average transaction price for various types of judicial auction properties was 4885 yuan/square meter, with an average discount rate of 75.5%. In terms of different types of auction items, in the first quarter of 2026, the number of newly listed residential properties was 58,000 units, with a total of 95,000 properties transacted by the end of the auction, and 29,600 properties sold, with a total transaction amount of 307.3 billion yuan, accounting for 53.0% of total property types. Commercial properties had 29,000 new listings, with 53,000 properties transacted at the end of the auction, 7,200 properties sold, and a total transaction amount of 144.4 billion yuan, accounting for 24.9% of total property types. There were about 248 land transactions, with a transaction amount of about 29 billion yuan, accounting for 5.0% of the total transaction amount. In other property types, the transaction amount for judicial auction industrial properties was 7.5 billion yuan, parking spaces and garages were 3.7 billion yuan, and other types were 20.1 billion yuan. Data source: CREIS China Index DataSecond-hand housing edition In terms of different auction stages for various auction items, they can be divided into first auction, second auction, sale, re-listing, etc. After the first auction ends in failure, a second auction is required, and in case of a failure in the second auction, it must be sold after confirmation by the enforcing party. The starting discount rate for the first auction (the starting discount rate = listing price/appraisal price) is between 0.7-1 fold; the starting price for the second auction is 0.8 of the first auction, and the starting discount rate for the second auction (the starting discount rate = listing price/appraisal price) is between 0.56-0.7 fold; generally, the starting price for the sale is equal to the starting price for the second auction. After the second auction ends in failure, the item enters the sale stage, with the starting price being the same as the second auction, a sale period of 1-60 days, and a point of sale at any time during the period. Looking at the auction process for the transaction items, in the first quarter of 2026, 14,000 items were transacted in the first auction phase, accounting for 34.5% of the total transactions, an increase of 0.2 percentage points compared to the previous year, with an average transaction price of 6502 yuan/square meter, a 5.4% decrease in price compared to the previous year. In the second auction phase, 22,000 items were transacted, accounting for 51%, with an average price of 4606 yuan/square meter, a 0.4% increase year-on-year. Approximately 5,000 items were transacted in the sale stage, accounting for 12.4%. Approximately 916 items were transacted in re-listing and other scenarios, accounting for 2.1%. Data source: CREIS China Index DataSecond-hand housing edition Judicial auction residential properties In terms of judicial auction residential properties, in the first quarter of 2026, the number of judicial auction residential properties listed was 95,000, a 4.3% decrease year-on-year; the number of transacted properties was 29,600, an increase of 12.7% year-on-year; the clearance rate was 31.1%, an increase of 4.7 percentage points year-on-year; and a total transaction amount of 307.4 billion yuan, a decrease of 12.4% year-on-year. The average transaction price for judicial auction residential properties in the first quarter was 7507 yuan/square meter, a 17.5% decrease year-on-year. In March, there were a total of 18,000 new listings of residential judicial auction properties, with 37,000 properties listed, a total of 41,000 auction transactions, a final transaction volume of 11,000 units, a 32.8% increase year-on-year, a clearance rate of 28.6%, and a total transaction amount of 111.3 billion yuan; the average transaction price for judicial auction residential properties was 7574 yuan/square meter. Overall, the scale of listings and transaction properties for judicial auction residential properties in the first quarter showed a significant increase compared to the previous year, with transaction prices influenced by the appraisal price trending downward. Data source: CREIS China Index DataSecond-hand housing edition Among cities of different tiers, in the first quarter of 2026, the number of judicial auction residential properties transacted in first-tier cities was 1,963, with a total transaction amount of 73.9 billion yuan and an average transaction price of 30,000 yuan/square meter. In Beijing, a total of 620 properties were listed for auction, 276 were transacted, a clearance rate of 44.5%, a discount rate of 74.3%, an average transaction price of 37,994 yuan/square meter, and a total transaction amount of 13.1 billion yuan in the first quarter. In Shanghai, there were 690 properties listed for auction, 407 transacted, a clearance rate of 59.0%, a discount rate of 75.4%, an average transaction price of 40,860 yuan/square meter, and a total transaction amount of 22.2 billion yuan in the first quarter. In Guangzhou, there were 1,709 properties listed for auction, 809 transacted, a clearance rate of 47.3%, a discount rate of 76.9%, and an average transaction price of 15,755 yuan/square meter. In Shenzhen, there were 725 properties listed for auction, 471 transacted, a clearance rate of 64.9%, a discount rate of 91.5%, and an average transaction price of 37,325 yuan/square meter. Second-tier cities transacted 12,000 judicial auction residential properties, with a total transaction amount Data source: CREIS China Index DataSecond-hand housing edition Table: Summary of judicial auction residential properties in some cities in the first quarter of 2026 Data source: CREIS China Index DataSecond-hand housing edition Conclusion In the first quarter of 2026, the national judicial auction market saw growth in both the number of listings and transactions, with a decline in transaction amount and average price, indicating an overall adjustment phase. The activity of judicial auction residential properties has increased, with a higher clearance rate, serving as a core driver of market transactions. The proportion of transactions in the first phase has steadily increased, and the market bidding is becoming more rational. In recent years, the judicial auction market has been receiving more attention from the market, with more institutions, banks, and homebuyers participating in the judicial auction market. The China Index Judicial Auction Database aggregates national judicial auction data from 355 cities, covering residential, commercial, industrial, land, parking spaces, and other property types, with historical data traceable back to 2015. CREIS China Index Data's second-hand housing database has launched a monitoring report on the judicial auction market, providing comprehensive coverage and real-time monitoring of the judicial auction market in 355 large, medium, and small cities nationwide. Whether it's popular judicial auction properties in core cities or regional market dynamics in third and fourth-tier cities, they can all be included in the monitoring scope, allowing users to break free from geographical limitations and easily grasp the overall picture of the national judicial auction market. With over 20 key indicators ranging from property quantity, listing prices, transaction cycles, premium rates, number of participants, property rights conditions, and other critical dimensions, detailed data presentation and analysis are provided. Through real-time dynamic updates of data, users can clearly understand the supply and demand changes, price trends, and potential risks in different cities' judicial auction markets, providing strong data support for investment layout, market research, and other applications.