Core Viewpoint - The second-hand housing market has shown a significant decline in transaction heat since the third quarter, with a continuous month-on-month decrease in transaction area across 30 key cities, indicating a slowdown in growth momentum [1][2]. Market Performance - The transaction area of second-hand housing in 30 key cities was 17.01 million square meters in August, representing a month-on-month decrease of 9% and a year-on-year decrease of 2%. However, the cumulative transaction for the first eight months still shows a positive year-on-year growth of 9%, outperforming the new housing market, which saw a 3% decline [2]. - First-tier cities have seen a halt in the decline of transactions, with a cumulative year-on-year growth of 15% for the first eight months. Notably, Beijing and Shanghai experienced a month-on-month increase of 3% after the relaxation of purchase restrictions, with cumulative year-on-year growth exceeding 10% [2]. - Second-tier cities like Wuhan, Hefei, Kunming, and Nanning have shown strong performance, with both month-on-month and cumulative year-on-year increases in transactions [2]. Market Share Trends - The market share of second-hand housing has increased compared to 2024, with Beijing and Shanghai's second-hand housing transaction areas accounting for 77% of total transactions by August 2025, up from 73% and 75% respectively in 2024 [5]. - In the 30 key cities, only Yantai saw a significant decline in second-hand housing market share, dropping from 84% in the previous year to 50% in the first eight months of this year [5]. Buyer Behavior - The second-hand housing market is characterized by a shift towards lower-priced, smaller units, with the proportion of transactions for properties priced under 2 million yuan in Shanghai rising by 6.45 percentage points to 43.78% in August [7][8]. - The demand from first-time buyers remains strong, while the interest from upgrade buyers has decreased, particularly in the 3-6 million yuan price range [7][9]. Pricing Strategies - The market is transitioning to a buyer's market, with sellers adopting "price for volume" strategies to facilitate quicker sales, contributing to a downward trend in second-hand housing prices [9]. - The third quarter is expected to see a seasonal decline in transaction volumes, but the relaxation of purchase restrictions in key cities like Beijing and Shanghai is anticipated to gradually restore market confidence and increase transaction volumes [9].
二手房成交动能放缓
3 6 Ke·2025-09-15 02:16