成交量维持高位 “北上深”1月份二手房市场延续回暖态势

Core Viewpoint - The second-hand housing market in first-tier cities remains active in early 2026, providing support to the overall real estate market amid ongoing adjustments in the new housing sector [1][2][3][4] Group 1: Market Performance - In January 2026, Beijing's second-hand housing market saw a net signing of 15,082 units, a year-on-year increase of 20.9%, reaching the highest level for the same period since 2022 [1] - Shenzhen's second-hand housing transactions reached approximately 5,000 units in January, with a month-on-month increase of 16% and a year-on-year increase of 7% [2] - Shanghai recorded a total of 22,834 second-hand housing net signings in January, marking a 24% year-on-year growth and maintaining a transaction volume above 22,000 units for three consecutive months [2] Group 2: Market Structure - In 2025, second-hand residential transactions accounted for about 65% of total transactions in 30 key cities, with Beijing at 81% and Shanghai at 83% (excluding affordable housing) [3] - The dominance of second-hand housing in transaction volume reflects strong demand in first-tier cities, which are characterized by high population, industry, and employment concentration [3] Group 3: Policy Support - The policy environment has provided ongoing support for market stabilization, with measures such as extending tax rebates for home exchanges and structural interest rate cuts aimed at boosting market confidence [4] - The real estate policy has entered a new phase focused on stabilizing expectations and shortening adjustment periods, with expectations for a gradual release of market demand in March 2026 [4]