楼市金九银十：成交趋稳 以价换量仍是主流｜地产观潮

Market Overview - The "Golden September and Silver October" period for the real estate market in 2025 has officially concluded, with first-tier cities showing a stable overall trend despite a month-on-month decline in transaction volume in October [1] - The market is characterized by a significant differentiation among cities, with some experiencing a cooling off after high activity in September [3] Price Trends - The prevailing strategy in the market is to exchange price for volume, with industry insiders emphasizing the importance of restoring buyer confidence in property prices to stabilize market expectations [2] - The average price of second-hand residential properties in 100 key cities was 13,661 yuan per square meter in October, reflecting a month-on-month decline of 0.48% and a year-on-year decline of 3.5% [8] Sales Performance - In October, the total sales amount of the top 100 real estate companies increased by 3.7% month-on-month, indicating some success in year-end promotional efforts [6] - The second-hand housing market in Beijing saw a significant drop in transactions, with 12,087 units signed in October, down 23.7% month-on-month [3] Consumer Behavior - Buyers are increasingly focused on the quality of properties rather than just price, with "good houses" becoming the most sought-after keyword in the new housing market [5] - The willingness of homeowners to lower prices has been a key factor in the recent uptick in transaction volumes, despite ongoing price declines [7] Policy Impact - Recent policy measures in major cities like Beijing, Shanghai, and Shenzhen have aimed to stimulate the housing market, but the impact has been less pronounced than expected [8][9] - There is an expectation for further policy adjustments, including potential reductions in down payment ratios and enhancements to housing loan conditions, to support market recovery [9]