Core Viewpoint - In May, the Shanghai real estate market showed a year-on-year growth of 14.5%, marking the eighth consecutive month of surpassing the transaction volume threshold, influenced by policies such as the central bank's reserve requirement ratio cut and lower public housing fund interest rates [1][4]. Market Performance - The total transaction volume in May was 21,400 units, although it experienced a decline of approximately 2,000 units compared to April due to the impact of holidays [1][5]. - The transaction volume in May was the second highest in the past five years, only behind 2021, indicating market resilience despite the traditional peak season having passed [4]. Market Dynamics - There was a noticeable decrease in the number of listings in the second-hand housing market, with both buyer and seller decision-making becoming more cautious due to market and policy uncertainties [5]. - The average transaction price for second-hand homes in May decreased by 0.09% compared to April, with some sellers adopting a "price for volume" strategy [7]. Buyer Behavior - The demand for "just-needed" housing has increased significantly, particularly in the 70-90㎡ and 90-120㎡ categories, which saw a month-on-month growth of 5.79% and 3.96%, respectively [8]. - The structure of transaction prices shifted, with a decrease in the proportion of properties priced between 8 million to 15 million, while the share of properties below 2.3 million and between 4.5 million to 8 million increased significantly [10]. Overall Market Condition - The Shanghai real estate market from January to May has maintained a stable volume and price, with May's second-hand housing market experiencing a slight pullback but remaining above the 20,000 unit threshold, showing significant improvement compared to last year [12].

Core Insights - In May, Shenzhen recorded a total of 5,727 second-hand housing registrations, representing a year-on-year increase of 17.6% [1] - The strong registration volume in May, exceeding 5,000 units, indicates good market resilience despite being a traditionally slow season [1] - As of June 2, the number of effective second-hand housing listings in Shenzhen decreased to 71,791 units, down by 600 units from the same period last month [1]