A report by the China Index Academy shows that during this year’s Spring Festival, the real estate market as a whole exhibited typical “holiday mode.” Influenced by factors such as people returning to their hometowns for the holidays, travel, and the suspension of online contract registration updates in some cities, both new and resale home transaction volumes in key cities remained at seasonal lows. According to China Index data, during the Spring Festival holiday (February 15–23), online contract signings for new commercial residential properties in 21 key cities totaled 100,000 square meters, remaining largely unchanged from the daily average during last year’s Spring Festival holiday. Looking at individual cities, Shanghai saw a significant year-over-year increase in new home online contract signings, driven by favorable pre-holiday policies and continued aggressive promotional efforts by developers; In Beijing, high-quality projects in the core districts maintained strong market interest, with overall performance remaining stable; among second-tier cities, Chengdu, Suzhou, and Ningbo intensified promotional efforts during the holiday, leading to increased visitor traffic for upgrade-type projects, though the divergence between hot and cold markets remained pronounced. Nanning and Qingdao saw higher year-on-year growth due to the low base effect. (Securities Times)