二手房200万以下“极致刚需”再冒头

Core Insights - The Ministry of Housing and Urban-Rural Development emphasizes the increasing trend of second-hand housing transactions, suggesting that the new and second-hand housing markets should be viewed as a whole [1] - In November 2025, the total transaction area for second-hand housing in 30 key cities reached 17.04 million square meters, reflecting a month-on-month increase of 14% [1] - The overall transaction area for both new and second-hand homes in November was 24.53 million square meters, showing a slight month-on-month increase of 1% [1] Second-Hand Housing Market Trends - The rise in second-hand housing transactions is primarily driven by the "price-for-volume" strategy, with lower-priced properties gaining a larger share of the transaction structure [2] - In November 2025, the proportion of transactions for properties priced below 2 million yuan in cities like Shanghai and Shenzhen increased both year-on-year and month-on-month [2] - In Beijing and Hangzhou, while the month-on-month transaction volume for properties below 2 million yuan slightly decreased, year-on-year growth was still observed at 8.33 percentage points and 6.67 percentage points, respectively [1][2] Transaction Structure Analysis - In November 2025, the proportion of transactions for properties priced below 2 million yuan in Beijing was 50.44%, while in Shanghai it was 41.84% [5] - The transaction structure indicates that properties priced below 2 million yuan are becoming increasingly dominant in the market, despite the presence of luxury properties [5][8] - The areas with the highest transaction proportions for properties below 2 million yuan in Shanghai are Pudong and Baoshan, while in Beijing, they are Chaoyang and Fengtai [8] Demand for Smaller Properties - The demand for smaller properties (70 square meters and below) remains strong, with significant transaction proportions in major cities [4] - In November 2025, the transaction proportion for properties under 70 square meters in Beijing was 39.16%, while in Shanghai it was 41.62% [4] - The concentration of transactions for smaller properties in Shenzhen is also increasing, with notable month-on-month growth [4] Market Stability Indicators - The increase in transactions for properties priced below 2 million yuan reflects a stable demand in the second-hand housing market, which is crucial for the overall stability of both new and second-hand housing markets [11] - The current market dynamics indicate that the demand for "extreme just-needed" properties is a significant part of the real estate market's replacement chain [11]