Guojin Securities research note: after developers ended quarter‑end volume pushes, primary‑market new‑home sold area fell markedly MoM while YoY decline remained limited. Secondary‑market transactions continue to improve — 22‑city second‑hand transaction volume rose 10.0% YoY. Leading real‑time data show July second‑hand sales widened their YoY gain versus June. Listings have edged down since early July, with the decline versus end‑June increasing, suggesting listing‑growth pressure is weaker than a year ago.(金十数据)