上海二手房月成交跌破2万套 刚需成交占比持续走高

Core Insights - The Shanghai second-hand housing market has seen a significant decline in transactions, with July 2025 recording 19,337 signed contracts, a decrease of 1,437 from the previous month, marking the first time since the "929 New Policy" that monthly transactions fell below 20,000 units, excluding the holiday-affected months of January and February [1] Transaction Volume - The transaction volume in Shanghai's second-hand housing market has dropped to below 20,000 units for the first time since the implementation of the "929 New Policy" [1] - The market is currently experiencing a seasonal downturn without any new policy incentives to stimulate demand [1] Buyer Demographics - The proportion of transactions for homes priced below 3 million yuan has been increasing over the past three months, with shares of 52.48%, 53.23%, and 54.86% respectively, indicating a reliance on first-time homebuyers [1] - Conversely, the transaction volume for mid-tier improvement buyers has contracted compared to the previous month, suggesting ongoing challenges in the housing replacement chain [1] Price Trends - The average listing price for second-hand homes in Shanghai in July was approximately 48,169 yuan per square meter, reflecting a month-on-month decrease of 0.57%, with some areas experiencing declines exceeding 2% [1] - Since February of this year, the average listing price for second-hand homes in Shanghai has been on a downward trend for five consecutive months [1]