克而瑞地产研究：11月法拍房挂拍2.95万套环比上升2% 成交3770套环比下降27%

Core Viewpoint - The supply of foreclosed properties remains low, with a total of 29,500 units listed for auction in November 2025, reflecting a 2% month-on-month increase but a 24% year-on-year decrease. The transaction volume has decreased as expected, with 3,770 units sold, a 27% month-on-month decline [1][2][3]. Group 1: Auction Volume - The number of properties listed for auction continues at a low level, with 29,500 new listings, marking the second-lowest point since the second half of the year [2]. - The total starting price for these listings is 25.7 billion yuan, which is a 5% month-on-month decrease and a 24% year-on-year decrease [8]. Group 2: Transaction Volume - The transaction volume has decreased as expected, with 3,770 units sold in November, representing a 27% month-on-month decline and a 22% year-on-year decrease [3][13]. - The total transaction amount for the month is 4.6 billion yuan, which is a 22% month-on-month decline [13]. Group 3: Transaction Rate - The average transaction rate for foreclosed properties has dropped significantly to 13.4%, a decrease of 5 percentage points from the previous month, marking a new low for the year [4][18]. - In major cities, Shanghai leads with a transaction rate of 46%, while other cities like Hangzhou and Shenzhen also show rates above 30% [20]. Group 4: Premium Rate - The proportion of properties sold at a premium has reached a new low for the year, with only 62.5% of properties sold at a premium, indicating a decline in competitive bidding [23]. - The average transaction price is only 72% of the assessed value, with 70% of properties requiring a discount of over 20% to sell [23]. Group 5: Discount Rate - The average discount rate for foreclosed properties sold in November is 33.2%, continuing an upward trend, while the average starting discount rate for listed properties has decreased to 27.9%, marking a new low for the year [25]. - The narrowing of the discount rate for properties being sold indicates that asset prices are approaching sellers' psychological bottom line, which may signal a stabilization in asset prices [25].