According to the latest data from the Shell Research Institute, the second-hand housing price index in 50 cities of the Shell rose 0.2% month-on-month in January. This is the first time that the decline has stopped since the 17-month month-on-month decline in August 2021. Looking at cities, second-hand housing prices in about 60% of the 50 cities stopped falling in January. The cities that stopped falling covered key urban agglomerations such as Beijing-Tianjin-Hebei, the Yangtze River Delta, the Guangdong-Hong Kong-Macao Greater Bay Area, and Chengdu and Chongqing. Judging from the transaction volume, due to the influence of returning home and traveling during the Spring Festival, the overall second-hand housing transaction volume in 50 cities of Seashell declined month-on-month in January, but among the 50 cities, such as Beijing, Langfang, Tianjin, Chongqing, and Zhengzhou, increased compared to December, and the market showed a recovery momentum. Excluding the Spring Festival holiday period, the average daily second-hand housing turnover in 50 cities in January increased by more than 20% compared to the average daily level in December.