二手房“寒意”蔓延，深圳市场呈现“以价换量”

Core Insights - The real estate market is showing a clear divergence between new and second-hand homes, with new home prices stabilizing while second-hand home prices continue to decline [1][10] - In November, the number of cities with rising new home prices increased from 4 to 8, indicating signs of stabilization in the new home market [1] - The second-hand home market remains under pressure, with no city reporting a month-on-month increase in prices, although the rate of decline has narrowed [1] New Home Market - In November, 8 out of 70 major cities reported month-on-month increases in new home prices, including cities like Hefei, Xiangyang, Nanjing, and Shanghai [1][2] - Shanghai has shown remarkable resilience, with new home prices rising for 85 consecutive months since November 2018, averaging a year-on-year increase of 5.6% [2] - First-tier cities saw a month-on-month decline of 0.4% in new home prices, with Shanghai being the only city to experience a slight increase of 0.1% [3] Second-Hand Home Market - The second-hand home market is experiencing significant challenges, with first-tier cities seeing a year-on-year price decline of 5.8%, and specific declines in Beijing (6.8%), Shanghai (4.6%), Guangzhou (7.2%), and Shenzhen (4.8%) [4] - In November, first-tier cities' second-hand home prices continued to adjust, with declines of 1.3% in Beijing, 0.8% in Shanghai, 1.2% in Guangzhou, and 1.0% in Shenzhen [3] - The second-hand home market in Shenzhen is characterized by a "price for volume" strategy, with a notable increase in the proportion of low-priced homes [7][10] Market Dynamics - The overall second-hand market is showing a trend of "increased volume, decreased prices, and structural differentiation," with a 14% month-on-month increase in transactions in key cities [9] - In Shenzhen, the number of new second-hand listings decreased by 4% year-on-year and 7% month-on-month, but the rate of decline has slowed, indicating a shift in seller sentiment [6] - The market is witnessing a split where low-priced home sellers are more active, while high-end property owners tend to adopt a wait-and-see approach [8][10] Conclusion - The real estate market is in a critical phase of adjustment, with new home prices stabilizing in some cities while second-hand home prices continue to seek a new equilibrium [9][10] - The dynamics in Shenzhen may serve as a bellwether for other hot cities, as the market adapts to changing conditions and buyer-seller negotiations intensify [10]