百城二手房市场月报-20251107

Investment Rating - The report indicates a cautious outlook on the second-hand housing market, reflecting a buyer's market with significant supply-demand imbalance [13][14][36]. Core Insights - The second-hand housing market in 100 cities continues to show a downward adjustment, with supply pressures and cautious demand creating a fragile balance [13][14]. - The total listing volume reached 2.6536 million units, a year-on-year increase of 10.82%, with new first-tier cities leading the growth at 13.07% [13][18]. - The demand side remains weak, as the housing search heat index dropped by 6.42% year-on-year, with all city tiers experiencing declines [23][24]. - Average listing duration increased to 94.86 days, indicating prolonged matching times between buyers and sellers [29][30]. - The average listing price across 100 cities fell to 11,790 yuan per square meter, down 8.12% year-on-year, with all city tiers showing price declines [36][37]. Summary by Sections 1. Listing Volume - The total listing volume in October 2025 was 2.6536 million units, reflecting a year-on-year increase of 10.82% [18]. - First-tier cities saw a 6.85% increase, while new first-tier cities experienced a 13.07% rise [18][19]. 2. Housing Search Heat Index - The housing search heat index for October 2025 was 70.25, down 6.42% year-on-year, with first-tier cities declining by 8.09% [24][25]. - Shenzhen experienced the largest drop at 10.75%, while Shanghai had a smaller decline of 4.90% [25][27]. 3. Listing Duration - The average listing duration reached 94.86 days, up 5.79% year-on-year, with first-tier cities averaging 107.29 days [29][30]. - Beijing had the highest increase in listing duration at 21.17%, while Guangzhou had the smallest at 4.48% [31][32]. 4. Listing Price - The average listing price was 11,790 yuan per square meter, down 8.12% year-on-year, with first-tier cities showing a decline of 6.73% [36][37]. - The largest price drop was observed in second-tier cities at 8.95%, while new first-tier cities and third-fourth tier cities saw declines of 7.97% and 8.12%, respectively [36][38].