With the current population decreasing while more houses are being built, it's hard to say whether housing prices will rise. From the perspective of market supply and demand, the demographic dividend is disappearing, birth rates are declining, urbanization is slowing down, demand is decreasing, the handover of existing housing stock is problematic, and large-scale new demand is unlikely to emerge—none of these factors are favorable for rising housing prices. Policy-wise, the principle of 'housing is for living, not for speculation' has stripped housing of its investment attributes, and the regulation of the secondary housing market has also stabilized prices. In terms of the economic environment, demand for improved housing has cooled, and the inflation-resistant nature of real estate has weakened.