前11个月一线城市二手房累计成交51.9万套

Core Insights - The second-hand housing market in four first-tier cities has shown significant recovery, with cumulative transactions reaching 519,000 units by November, surpassing the same period in 2024 for the first time in four years [1] - Analysts predict that this positive trend may continue into 2026, supported by expected monetary policy easing such as interest rate cuts [1][4] - The market is experiencing a substantial release of demand, with a smooth replacement chain observed among homeowners selling old properties to buy new ones [1][4] Market Performance - In November 2025, the monthly transaction volume for second-hand residential properties in first-tier cities reached 49,033 units, a 20% increase from October, even exceeding the peak season of September [4] - The overall market sentiment remains positive, with some sellers adjusting prices to attract buyers, although many buyers are still looking for bargains [4][5] Price Trends - The average prices for second-hand homes in major cities have shown a decline, with Beijing at 64,984 yuan/sqm (down 6.08% year-on-year), Shanghai at 56,708 yuan/sqm (down 5.56%), and Guangzhou at 34,163 yuan/sqm (down 7.60%) [7][9] - The trend of "price for volume" has become a consensus in the second-hand housing market, indicating a shift in strategy among sellers [6][9] Rental Market Dynamics - The rental yield from second-hand properties has become attractive, with some properties offering better returns compared to bank savings [9] - The analysis suggests that as the market adjusts, landlords may shift from renting to selling, especially if new housing needs arise [9]