In first-tier cities, the turnover of second-hand houses continues to reach new highs, and the growth of medium and long-term loans for residents needs to be repaired.

Recent research found that the second-hand housing transactions in first-tier cities such as Beijing, Shanghai, Guangzhou, and Shenzhen have repeatedly hit new highs. At the same time, the pace of bank mortgage lending is also accelerating. Public data shows that in March, long-term household loans increased by 295.3 billion yuan, showing a significant improvement on a month-on-month basis. However, while the number of property viewings and signings for second-hand homes has significantly rebounded, the overall balance of personal housing loans in the first quarter is still declining. Early repayment and cautious leverage have become multiple obstacles for this round of "mini spring" in the real estate market to be transmitted to the credit end. Data from the E-House Research Institute shows that in April 2026, the cumulative number of second-hand housing signings in Shanghai reached 28,742 sets, an increase of about 22.3% year-on-year, making it the highest monthly transaction volume in April in the past ten years; the number of second-hand residential signings in Beijing was 17,893 sets, an increase of about 15% year-on-year, setting a new high in April for the past five years; the transaction volume of second-hand homes in Guangzhou increased by 4.8% year-on-year; while the transaction volume of second-hand homes in Shenzhen increased by 11.3% month-on-month.