克而瑞地产研究：预计整体二手房市场成交规模仍将延续波动走势

Core Viewpoint - The overall second-hand housing market is expected to continue its fluctuating trend, with a gradual decline in transaction volume projected for September 2025 [1][8]. Group 1: Market Trends - In September 2025, the transaction volume of second-hand housing in 30 key cities decreased by 1% month-on-month but increased by 9% year-on-year, indicating a slowdown in growth momentum [1]. - The new listing volume in key cities such as Beijing, Shanghai, and Shenzhen showed a month-on-month increase, while only Hangzhou experienced a decline in new listings [2][8]. Group 2: Price Segmentation - In the high total price segment (800 million to 3 billion), the proportion of new listings in Beijing, Shanghai, Shenzhen, and Hangzhou has significantly increased, with Beijing seeing a rise in listings for both low and mid-high price segments [3][8]. - In September 2025, the proportion of listings under 600 million in Hangzhou exceeded 80%, but the concentration steadily declined, while higher price segments saw a slight increase [3][5]. Group 3: Area Segmentation - The increase in new listings was primarily concentrated in small (under 70 square meters) and large (over 120 square meters) housing segments across the four cities, indicating a diverse demand [7][8]. - The market for larger units (140 square meters and above) has shown growth, catering to high-end buyers seeking functional and spacious living options [7][8]. Group 4: Market Sentiment - The overall sentiment among homeowners in Beijing and Shenzhen has improved, leading to increased willingness to sell, while Hangzhou's market sentiment remains cautious with a notable decline in listing activity [2][8]. - The upcoming traditional marketing peak in October is expected to further influence the market dynamics, with new high-quality products entering the market potentially diverting demand from high-end segments [8].