新华财经上海12月19日电（谈瑞） 据上海市房地产交易中心披露数据统计，截至12月18日，上海二手 房市场2025年已累计成交243876套。这一数据已经超越了2024年全年的242699套，更显著高于2023年的 192543万套，创下近三年来的成交新高。 从买卖双方心态来看，上海二手房房东的出售意愿依然强烈，但"急售"情绪已有所缓和。一方面，在经 历了长时间的博弈后，部分房东选择下调挂牌价格以促成交易，这直接推动了成交量的回升。另一方 面，购房者的观望情绪有所退潮，部分房源价格达到心理预期区间后，对价格敏感度较高的买家已经开 始积极入市，例如近期交易数据就显示，总价在200万元以下的"老破小"房源已经成为上海二手房市场 中占比近半的交易"主力"。随着挂牌量的逐步消化和价格的合理调整，市场有望迎来更加健康、平稳的 发展态势。 （文章来源：新华财经） 从月度成交套数的走势来看，2025年上海二手房市场呈现出"金三银四"的典型特征。3月份成交量达到 29345套，为全年单月最高点；4月份虽有所回落，但仍维持在23416套的高位。进入下半年，市场热度 有所降温，成交量基本稳定在1.9万至2.1万套的区间内。到11 ...

Core Insights - The second-hand housing market in first-tier cities is experiencing a significant recovery, with a total transaction of 519,021 units from January to November 2025, surpassing the same period in 2024 for the first time in four years [1][2] - The market is expected to continue this positive trend into 2026, supported by anticipated monetary policy easing such as interest rate cuts [1] - The monthly transaction volume in November 2025 reached 49,033 units, a substantial increase of 20% month-on-month, even exceeding the peak season of September [2] Transaction Volume Trends - The cumulative transaction volume of second-hand homes in four first-tier cities has shown a positive trend, with historical data indicating fluctuations: 488,241 units in 2017, 426,619 units in 2018, and a peak of 607,074 units in 2020 [1] - The monthly transaction volume has broken previous seasonal patterns, indicating a robust market recovery [1][2] Price Adjustments and Market Dynamics - The second-hand housing market is currently characterized by a consensus on "price for volume," with average prices in November 2025 showing a decline across major cities: Beijing at 64,984 yuan/sqm, Shenzhen at 64,946 yuan/sqm, Shanghai at 56,708 yuan/sqm, and Guangzhou at 34,163 yuan/sqm [3] - The adjustment in second-hand home prices is expected to overlap with new home prices, potentially leading to competition among buyers [2][3] Rental Market Insights - Following a deep adjustment in the second-hand housing market, rental yields have become increasingly attractive, with a comparison showing that holding rental properties offers better returns than selling and depositing in banks [4] - The trend of converting sales to rentals is more common in the early stages of market adjustment, but as the market stabilizes, landlords are more likely to revert to selling when conditions improve [4]

Core Insights - The Beijing second-hand housing market is experiencing a steady recovery in the first half of 2025, driven by both policy effects and market self-adjustment [1] Summary by Categories Market Performance - In the first half of 2025, the number of signed second-hand housing transactions in Beijing reached 90,035 units, representing a year-on-year increase of 20.4% [1] - March 2025 saw a peak monthly transaction volume of 19,234 units, primarily influenced by policy incentives and concentrated demand for school district housing [1] - The transaction volume in the first half of 2025 not only significantly exceeded the same period in 2023 and 2024 but also marked the highest level for the same period since 2022 [1]