二手结构 | 11月京沪深杭200万元以下低总价成交占比显著上升

Core Viewpoint - The second-hand housing market in key cities is experiencing a slowdown in transaction momentum, with November 2025 showing a 14% month-on-month increase in transaction volume, but a year-on-year decline of 20%, indicating a narrowing cumulative year-on-year growth rate of 3% [2][13]. Group 1: Transaction Structure Changes - The proportion of transactions for properties priced below 2 million yuan has significantly increased, with Shanghai seeing 49.71% of transactions in this price range in November 2025, marking a 0.99 percentage point increase month-on-month and a 13.12 percentage point increase year-on-year [4][5]. - The demand for properties priced between 3 million and 10 million yuan in Beijing and Shanghai has collapsed, with all segments showing a decline in transaction volume, attributed to the diversion of buyers to new housing and prolonged transaction cycles for second-hand properties [4]. - In Shenzhen and Hangzhou, there is a phase of recovery in demand for mid-to-high-end properties, with notable increases in transaction volumes for properties priced between 8 million and 30 million yuan in Shenzhen and 3 million to 6 million yuan in Hangzhou [4]. Group 2: Area and Size Preferences - The majority of transactions in the second-hand housing market are concentrated in properties sized 70 square meters or less, with this segment accounting for over 30% of transactions in major cities, particularly in Shenzhen where the concentration is increasing [8]. - Larger properties, such as those between 100-140 square meters in Beijing and 140-160 square meters in Shanghai, are also seeing an increase in transaction volumes, indicating a preference for more spacious homes that meet self-occupancy needs [8]. Group 3: Regional Transaction Trends - In Shanghai, the transaction volume is increasingly concentrated in suburban areas like Minhang and Pudong, while in Beijing, Shenzhen, and Hangzhou, the focus remains on core urban districts such as Haidian and Chaoyang in Beijing and Futian in Shenzhen [10]. - The concentration of transactions in key areas of Shanghai is rising, with significant month-on-month increases in transaction volumes in top regions like Pudong and Minhang [10]. Group 4: Market Outlook - The second-hand housing market in key cities is expected to continue experiencing low-level fluctuations in December, with prices remaining in a downward cycle. The trend of "price for volume" is likely to persist, influenced by the availability of new listings and quality products in the new housing market [13].