克而瑞地产研究：11月沪深杭新增二手挂牌量同环比齐跌 仅北京一城环比增9%

Core Insights - The second-hand housing transaction volume in 30 key cities increased by 14% month-on-month and 3% year-on-year as of November 2025 [1] - The new listing volume in Beijing, Shanghai, Shenzhen, and Hangzhou remained stable month-on-month, with a slight increase of 1% but a year-on-year decrease of 7% [1] - Only Beijing saw a month-on-month increase of 9% in new listings, while Shenzhen experienced a year-on-year decline of 11% [1] Summary by Category Transaction Volume - The overall transaction volume in key cities showed a month-on-month increase, with a notable rise in Beijing [1] - The year-on-year comparison indicates a mixed performance across cities, with some cities experiencing declines [1] New Listings - New listings in November for Beijing, Shanghai, Shenzhen, and Hangzhou showed a month-on-month increase of 1% but a year-on-year decrease of 7% [1] - Specific data for November shows Beijing with 16,961 new listings, Shanghai with 13,838, Shenzhen with 5,312, and Hangzhou with 6,300 [3] Price Segmentation - The proportion of new listings in the 1-3 million yuan price range increased, while the 3-6 million yuan segment saw a general decline [4] - In the 1 million to 3 million yuan segment, there was a notable increase in listing activity, indicating a shift in seller behavior [4] - The 6-8 million yuan segment in Shanghai saw a slight recovery, with a month-on-month increase of 1.12 percentage points [4] Area Segmentation - The proportion of new listings for properties sized 70-90 square meters increased significantly, while listings for properties under 70 square meters decreased [6] - The trend indicates a shift towards larger properties in key cities, with a notable increase in listings for 120-140 square meter units in Shanghai and Hangzhou [6] Market Outlook - The overall second-hand housing market is expected to continue experiencing fluctuations, with a supply-demand imbalance slightly easing [7] - Despite the ongoing decline in second-hand housing prices, buyer sentiment remains cautious, particularly among first-time buyers [7]