行业透视｜京深杭二手挂牌量环比止跌微增，沪深中改需求持续收缩

Core Viewpoint - The high-end real estate market in Beijing, Shanghai, and Shenzhen is expected to stabilize but may decline slightly, driven by increased supply and changing buyer preferences [21][22]. Group 1: Market Overview - As of June 2025, the second-hand housing market in 30 key cities remains stable, with transaction volumes unchanged month-on-month but showing a slight year-on-year decline of 3% [3]. - The new listing volume in Beijing, Shanghai, Shenzhen, and Hangzhou shows a mixed trend, with Beijing, Shenzhen, and Hangzhou experiencing slight increases, while Shanghai saw a significant drop of 18% month-on-month [3][4]. Group 2: Listing Structure Analysis - In Beijing, the proportion of listings priced over 600 million yuan is increasing, particularly in the 600-800 million yuan segment, which rose from 10.40% to 11.27% [4]. - In Shanghai and Shenzhen, there is a notable decline in the mid-price segment (300-1000 million yuan), with the most significant drop in the 300-500 million yuan range, which decreased by 0.73 percentage points [9][10]. Group 3: Price and Area Segmentation - In Hangzhou, low-priced and small-sized properties remain the primary listings, with the 100-300 million yuan segment increasing by 0.75 percentage points [15][16]. - The listing volume for properties under 90 square meters is increasing, while larger properties (over 180 square meters) are seeing a significant decline [18][19]. Group 4: Market Sentiment and Future Outlook - The overall sentiment in the second-hand housing market is characterized by a "stable overall, differentiated internal" pattern, with Beijing showing positive signals and increased listings in the high-end segment [21]. - The future market dynamics will depend on the willingness of sellers to reduce prices, as the large base of listings may lead to extended transaction cycles if no significant price advantages are offered [22].