地产经纬丨刚需低总价引领！上海11月二手房成交创半年新高

Core Viewpoint - The Shanghai second-hand housing market experienced a counter-trend rebound in November, with significant increases in transaction volume despite a relatively quiet "golden September and silver October" period, indicating strong underlying demand and a shift towards value-for-money properties [1][2]. Group 1: Market Performance - In November 2025, the total number of second-hand housing transactions in Shanghai reached 22,943, a 24% increase from October's 18,483, marking the highest monthly transaction volume since May [2]. - The last week of November saw a peak transaction volume of 5,557 units, setting a record for weekly transactions within the month, which lays a solid foundation for December's market activity [2]. - The total number of listings dropped to approximately 169,600, the first time it fell below 170,000 in six months, indicating a tightening supply in the market [2][3]. Group 2: Pricing Trends - The average listing price for second-hand homes in Shanghai was 58,025 yuan per square meter in November, continuing a downward trend, which reflects a buyer's market where sellers are adjusting prices to facilitate transactions [3][4]. - The strategy of "price for volume" has become prevalent among sellers, leading to a decrease in average listing prices, thus creating favorable conditions for first-time buyers [3][4]. Group 3: Buyer Demographics - Properties priced below 3 million yuan accounted for 60% of transactions in November, highlighting the dominance of first-time buyers in the market [4]. - The proportion of transactions for homes priced below 3 million yuan has significantly increased from approximately 36% three years ago, indicating a robust demand from the first-time buyer segment [4]. Group 4: Investment Potential - The rental yield for certain properties has improved, with some achieving rental yields of 2%-3%, which is comparable to commercial loan interest rates, enhancing their investment appeal [5][6]. - The adjustment in property prices, coupled with stable rental income, has attracted both first-time homebuyers and conservative investors seeking stable cash flow amidst market volatility [6]. Group 5: Market Outlook - Analysts suggest that the high transaction volume in November is a result of market self-adjustment, with pent-up demand being gradually released as prices return to reasonable levels [6]. - The ongoing optimization of supply and demand dynamics is expected to sustain active transactions of quality properties, with a potential continuation of the "stable volume, declining price" pattern in the short term [6].