行业透视｜京沪深杭二手挂牌量降幅收窄，刚需抛压扩大，中改需求收缩

Core Viewpoint - The short-term outlook for the second-hand housing market in Beijing, Shanghai, Shenzhen, and Hangzhou is expected to remain stable with a downward trend [21] Group 1: Market Trends - In May 2025, the transaction volume of second-hand houses in 30 key cities decreased by 10% month-on-month, while year-on-year growth was marginal at 4%, indicating a slowdown in growth momentum [3] - The new listing volume in Beijing, Shanghai, Shenzhen, and Hangzhou showed a high-level retreat in the second quarter of 2025, with May's month-on-month decline narrowing compared to April [3][4] - The proportion of listings priced between 1 million to 5 million yuan remains around 60%, with a notable increase in the 1 million to 3 million yuan segment in Beijing, Shenzhen, and Hangzhou [5][8] Group 2: Listing Dynamics - The listing enthusiasm among high-end property owners in Beijing, Shanghai, and Shenzhen has shown a steady decline, particularly in the 10 million to 30 million yuan price range, while Hangzhou has seen an increase in high-end listings [10][11] - The middle-tier market in Beijing, Shenzhen, and Hangzhou has experienced a significant drop in listing demand, with the proportion of listings priced between 6 million to 8 million yuan reaching a low for 2025 [15][17] - The overall market is characterized by a "growing pressure from first-time buyers, shrinking demand from mid-tier buyers, and a differentiated high-end market" [21]