二手豪宅挂牌交易占比双增，什么信号？

Core Viewpoint - The real estate market is stabilizing, with both new and second-hand high-end markets showing resilience, particularly in the second-hand luxury segment, where listings and transaction proportions have increased in major cities like Beijing, Shanghai, Shenzhen, and Hangzhou [1][19]. Group 1: Market Trends - In April 2025, the proportion of new listings for high-end residential properties priced above 30 million yuan in Shanghai reached 0.58%, the highest since 2025 [1]. - The overall enthusiasm for second-hand housing transactions has slightly declined, but the proportion of transactions for properties priced above 10 million yuan in Beijing, Shanghai, and Shenzhen has shown an increase [1][13]. - The listing activity in major cities has seen a month-on-month decline in April 2025, with Beijing, Shanghai, Shenzhen, and Hangzhou experiencing varying degrees of decrease [2][6][7]. Group 2: High-End Market Dynamics - The increase in high-end second-hand property listings is driven by three main factors: a risk-averse mindset among homeowners, liquidity needs for optimizing asset allocation, and a "sell old and buy new" demand due to an influx of new luxury properties in core cities [11][12]. - In April 2025, the proportion of listings for high-end properties in Beijing priced between 8 million and 30 million yuan remained stable at 14.23%, while listings above 30 million yuan increased [8]. - The high-end market is characterized by a "buy more as prices rise" trend, with over 60% of properties in certain districts maintaining stable prices, indicating strong demand for luxury real estate [17]. Group 3: Transaction Performance - The transaction proportion for second-hand properties priced above 10 million yuan in Beijing, Shanghai, and Shenzhen has shown consistent growth, indicating robust demand in the high-end segment [13][19]. - In April 2025, specific high-end projects in Shanghai and Shenzhen demonstrated significant price stability and appreciation, with some properties experiencing price increases of up to 17% [18]. - The overall transaction volume in the high-end market remains strong, despite a slight decline in overall transaction numbers for second-hand homes [19].