三环内刚需入场，四环外改善发力，北京11月二手房网签量环比增近两成

Core Insights - The resilience of Beijing's second-hand housing market is increasingly evident, with a notable rise in demand from first-time homebuyers and improvement-oriented buyers, leading to a 19.52% month-on-month increase in transaction volume [1][3][4] Group 1: Market Dynamics - The transaction volume of second-hand homes in Beijing reached 14,446 units in November 2025, reflecting a structural growth driven by both first-time buyers and those seeking improved living conditions [3][4] - The demand from first-time buyers is particularly strong in the inner third ring, while the outer fourth ring attracts buyers looking for better commuting options and competitive pricing [1][7] - The average number of property viewings has increased significantly, with some agents reporting a 33% rise in client inquiries, indicating heightened market activity [3][4] Group 2: Buyer Behavior - Buyers are becoming more cautious, often comparing multiple properties before making decisions, which is extending the transaction process [4][10] - Families planning for children's education are particularly active in the market, often starting their search in late November to align with school admission timelines [4][5] Group 3: Supply and Pricing Trends - The gap between new and second-hand home prices is widening, prompting some buyers to shift focus from new to second-hand properties [5][8] - The introduction of new residential projects in the fourth ring is enhancing the supply of improved housing options, which is expected to stimulate demand further [8][10] Group 4: Rental Market Influence - The trend of "renting instead of selling" is gaining traction among small property owners, with a significant reduction in the number of properties listed for sale [10][11] - This shift allows owners to generate rental income while waiting for more favorable selling conditions, reflecting a strategic adaptation to current market dynamics [11][12]