Core Viewpoint - The second-hand housing market in major cities is experiencing a seasonal decline in activity, with a notable shift towards lower-priced properties as the primary focus for buyers, particularly among first-time homebuyers [1][18]. Market Overview - In May 2025, the transaction volume of second-hand homes in 30 key cities decreased by 10% month-on-month, while there was a slight year-on-year increase of 4%, indicating a slowdown in overall growth momentum [2]. - The market is characterized by a dual focus on first-time buyers and high-end upgrades, with a significant drop in demand for mid-range properties [6]. Buyer Behavior - First-time homebuyers remain the dominant force in the second-hand housing market, with low-priced properties (under 2 million yuan) accounting for nearly 42% of transactions in Hangzhou, reflecting a 1.1 percentage point increase from the previous month [4][9]. - In major cities like Beijing, Shanghai, and Shenzhen, the proportion of low-priced second-hand homes continues to rise, indicating a trend of consumption downgrade among buyers [5][8]. Price Trends - The proportion of transactions for second-hand homes priced between 3 million to 6 million yuan has significantly decreased, with all segments in Shanghai showing a decline in transaction share [7]. - Conversely, the market share of low-priced properties is expanding, with Shenzhen reporting that 34.5% of transactions were for homes priced under 3 million yuan, marking a 1.2 percentage point increase month-on-month and a 6.0 percentage point increase year-on-year [7]. Property Size Preferences - In Beijing and Shanghai, the primary transaction size for second-hand homes is under 80 square meters, but this segment has seen a decline in market share, while the 90-120 square meter segment is gaining traction, suggesting a shift towards more spacious and functional homes [11]. - In Shenzhen, the main transaction sizes remain under 90 square meters, driven by the availability of newer, lower-priced units that meet the short-term needs of first-time buyers [11]. Market Dynamics - The market is transitioning to a buyer's market, where buyers are increasingly considering location, amenities, and price when making purchasing decisions, leading to longer transaction cycles for older, less functional properties in remote areas [18]. - The proportion of second-hand homes in first-time buyer segments with declining prices has increased, particularly in Beijing and Shanghai, where over half of the transactions in these segments involved price reductions [15].
二手房市场热度回落
3 6 Ke·2025-06-18 02:10