上海楼市，说好的金九银十呢？！

Core Insights - The Shanghai second-hand housing market is experiencing a lack of significant sales activity despite the traditionally strong sales period of September and October, with 9,804 transactions recorded in September, showing no notable improvement in volume [1] - The average price of second-hand residential properties in Shanghai has decreased by 0.80% month-on-month in September, indicating an overall downward trend [1] Market Dynamics - The number of second-hand housing listings in Shanghai is approaching 390,000, leading to an imbalance in supply and demand [3] - Despite some policy relaxations in the Shanghai real estate market, buyer sentiment remains cautious due to economic uncertainties and a competitive landscape of similar properties, with many buyers adopting a wait-and-see approach [3] - The influx of negative information regarding real estate online has further exacerbated buyer hesitation, with sellers becoming more eager to sell while buyers remain reluctant [3] Long-term Outlook - There is potential for increased market activity and a possible rebound in transaction volume due to the recent policy relaxations, as more individuals may qualify to purchase homes [3] - Current pricing appears to be stabilizing, with transaction levels largely dependent on location, future prospects, and the properties themselves [3] - The market has seen a shift in buyer perception, with many feeling that prices have not yet reached a rational level, leading to a disconnect between seller expectations and buyer willingness to purchase [3] Buyer Segments - First-time homebuyers and those looking to upgrade their living conditions remain the primary drivers of the market, with a sustained demand for high-quality properties [5] - Young buyers seeking their first homes and those looking to improve their living situations are expected to continue to release demand in the market [5] - The demand for high-quality housing, particularly in desirable neighborhoods with good amenities, is likely to increase as buyers prioritize property quality and community environment [5]