法拍房月报｜挂拍缩量致成交量如期回落，成交率、溢价率同步下行（2025年11月）

Core Viewpoint - The premium housing supply ratio has reached a year-to-date low, with the average transaction price only 72% of the assessed value [1][30]. Supply Scale - The number of properties available for auction remains low, with 29,500 new listings in November, a 2% month-on-month increase but a 24% year-on-year decrease [2][11]. - The total starting price for these listings is 25.7 billion, marking a 5% month-on-month decline and a 24% year-on-year decline [11][14]. Transaction Volume - The transaction volume has decreased as expected, with 3,770 properties sold in November, a 27% month-on-month decline and a 22% year-on-year decrease [2][19]. - The total transaction amount for November was 4.6 billion, down 22% from the previous month [19][21]. Transaction Rate - The national average transaction rate fell significantly to 13.4%, a drop of 5 percentage points from the previous month, marking a year-to-date low [5][26]. - In major cities, Shanghai leads with a transaction rate of 46%, while other cities like Hangzhou and Shenzhen also show rates above 30% [28]. Premium Transactions - Only 62.5% of auctioned properties were sold at a premium, the lowest rate of the year, with the average transaction price being 72% of the assessed value [30][33]. - A notable example includes a luxury property in Shenzhen that sold for 72.685 million, with a premium of 115.6% over the starting price [21]. Discount Rate - The average discount rate for auctioned properties was 33.2%, with the average starting discount rate at 27.9%, the lowest of the year [33]. - The narrowing discount rate for properties being sold indicates that asset prices are approaching sellers' psychological bottom line, suggesting a potential stabilization in asset prices [33].