告诉你一件怪事：一线城市二手房跌最狠，但房东们反而不慌了！

Core Viewpoint - The real estate market in first-tier cities like Beijing, Shanghai, Guangzhou, and Shenzhen has entered a downward adjustment trend since 2023, with second-hand housing prices expected to continue declining after 2025, potentially at a faster rate than in lower-tier cities [1][13]. Price Trends - As of November 2025, the average price of second-hand residential properties in 100 cities decreased by 0.94% month-on-month and 7.95% year-on-year. Specifically, first-tier cities experienced a month-on-month decline of 1.15% and a year-on-year decline of 5.62%, while second-tier cities saw a decrease of 0.98% and third- and fourth-tier cities a decline of 0.81% [1]. Owner Sentiment - Despite significant price drops, property owners in first-tier cities are not in a hurry to sell. The increase in listings does not correlate with a rush to sell at lower prices, as many owners are withdrawing their properties from the market to wait for better conditions [3][4]. Perception of Price Bottoming - Many property owners believe that prices have reached a bottom, with some areas in Shanghai seeing price reductions of over 30% to 50%. This perception leads them to avoid panic selling [6][11]. Influence of Expert Opinions - Owners are influenced by expert opinions suggesting that core areas in first-tier cities are scarce resources, leading to a belief that prices will eventually rebound despite current declines [7][10]. Expectations of Policy Intervention - There is a prevailing belief among owners that government policies will intervene to stabilize or boost prices, particularly if declines continue. They anticipate that any future policy changes could lead to a rapid price rebound [8][10]. Financial Resilience of Owners - Some property owners are financially secure and view price fluctuations as normal. They prefer to hold onto their properties for potential future gains while collecting rental income in the meantime [11][13].