| 城市 | 11月 | 环比 | 同比 | | --- | --- | --- | --- | | 北京 | 16961 | તેમ | -6% | | 上滝 | 13838 | -5% | -5% | | 深圳 | 5312 | -4% | -7% | | 杭州 | 6300 | -2% | -11% | 京深杭新增挂牌100万-300万元以内房源占比上升、300万-600万元占比普降 分总价段来看，热点城市北京、上海、深圳、杭州四城新增挂牌量呈现出以下特征： (1)京深杭100万-300万元刚需总价段房源业主挂牌积极性回升，新增挂牌量占比环比持增，且增幅显著，低总价段业主抛售心理加剧。 (2)京沪深杭300万-600万元刚改中改总价段出现了稳步回落;除上海外，京深杭1000万元以上豪宅业主挂牌量占比稳中微降，表明中高改业 主挂牌积极性略显不足。 智通财经APP获悉，CRIC数据显示，2025年11月30个重点城市二手房成交环比上升14%，累计同比增3%。11月沪深杭新增二手挂牌量同环 比齐跌，仅北京一城环比增9%。该机构聚焦了北京、上海、深圳、杭州等核心一二线城市，从CRIC监测的四城新增挂牌套数来看， ...

Investment Rating - The report indicates a positive outlook for the second-hand housing market in major cities, with a cumulative year-on-year increase of 12% in transaction volume for the first half of 2025, outperforming the new housing market [3]. Core Insights - The demand for luxury properties priced above 30 million yuan remains stable, while the transaction share for properties priced between 3-6 million yuan has significantly decreased, indicating a shift in buyer sentiment [3][4]. - The ultra-low price segment (under 2 million yuan) shows a notable increase in transaction concentration, with Shenzhen reporting a 14.69% share in the first half of 2025, reflecting a trend of consumption downgrade among first-time buyers [4]. - The transaction concentration for properties under 90 square meters is declining, while the share of larger properties (over 140 square meters) is increasing, driven by a preference for more functional living spaces [6]. - The transaction share in mid-value areas is increasing, while the concentration in major districts of cities like Shanghai and Shenzhen is decreasing, indicating a shift in buyer focus [8]. Summary by Sections Transaction Volume and Price Segments - In the first half of 2025, the luxury market (over 10 million yuan) in Beijing and Shanghai shows a steady increase, with significant growth in the 10-30 million yuan segment [3]. - The share of transactions in the 3-6 million yuan range has decreased, with a notable decline in the number of transactions in this segment across major cities [3][4]. Buyer Preferences and Market Dynamics - The ultra-low price segment remains a stronghold for first-time buyers, with significant shares in cities like Shanghai and Hangzhou [4]. - The report highlights a trend where buyers are increasingly considering location, amenities, and price, leading to longer transaction cycles for less desirable properties [11]. Regional Trends - The report notes that transaction shares are increasing in mid-value districts, such as Haidian and Mentougou in Beijing, and various districts in Shanghai and Shenzhen, while major districts are experiencing a decline in transaction concentration [8][9].