The inventory of existing homes continues to decline by trillions.

The latest industry data shows that by the end of 2025, the total inventory book value of 50 typical listed real estate companies was 7.10 trillion yuan, a year-on-year decrease of 14.7%. Among them, the completed inventory scale of 41 companies was 1.57 trillion yuan, a decrease of 9.1% from the beginning of the year. In recent years, this indicator has shown an annual absolute decrease for the first time. Completed inventory refers to the "existing housing inventory" of real estate companies, which are properties that have been completed but not yet sold. If a real estate company's completed inventory accounts for a high proportion, it indicates poor sales and increased liquidity pressure for the company. Now, the scale of "existing housing inventory" of typical real estate companies is declining, which industry insiders believe may indicate a "historic shift" in this data, perhaps signaling that the industry's inventory acceleration has achieved substantive results.