BEKE(US:BEKE) Xin Hua Cai Jing·2025-10-20 06:38Core Insights - The real estate market in September showed relative stability, with steady transaction volumes in the secondary market and ongoing structural differentiation in the new housing market [1] - Positive signals emerged as the year-on-year decline in housing prices narrowed, indicating that the effects of previous policies are gradually permeating the market, alleviating long-term downward pressure [1] Market Performance - In September, 64.1% of online house-hunting users on the Anjuke platform were looking for second-hand homes, marking a 1.6 percentage point increase from the previous month and reaching the highest level since April [1] - The average listing duration for second-hand homes in 100 cities increased to 95 days, with third and fourth-tier cities experiencing an even longer duration of 99 days, indicating greater difficulty in inventory digestion in smaller cities [1] New Housing Market - The new housing market performed relatively well, with new home prices in Beijing and Shanghai increasing by 0.2% and 0.3% month-on-month, respectively, and Shanghai achieving a significant year-on-year growth of 5.6% [1] - Key support for this growth came from the introduction of quality improvement housing in core areas and the relaxation of purchase restrictions in peripheral areas [1] Policy Impact - The relaxation of policies in August and September directly stimulated demand, supporting both new home prices and transaction volumes in the secondary market [1] - Expectations for stable housing prices and continued policy easing are anticipated to bolster transaction volumes in core cities in the fourth quarter, while non-core areas and many smaller cities will still need to rely on "price for volume" strategies to reduce inventory [2]