Core Viewpoint - The Shanghai second-hand housing market experienced a counter-trend rebound in November, with significant increases in transaction volume despite a relatively quiet "golden September and silver October" period, indicating strong underlying demand and a shift towards value-for-money properties [1][2]. Group 1: Market Performance - In November 2025, the total number of second-hand housing transactions in Shanghai reached 22,943, a 24% increase from October's 18,483, marking the highest monthly transaction volume since May [2]. - The last week of November saw a peak transaction volume of 5,557 units, setting a record for weekly transactions within the month, which lays a solid foundation for December's market activity [2]. - The total number of listings dropped to approximately 169,600, the first time it fell below 170,000 in six months, indicating a tightening supply in the market [2][3]. Group 2: Pricing Trends - The average listing price for second-hand homes in Shanghai was 58,025 yuan per square meter in November, continuing a downward trend, which reflects a buyer's market where sellers are adjusting prices to facilitate transactions [3][4]. - The strategy of "price for volume" has become prevalent among sellers, leading to a decrease in average listing prices, thus creating favorable conditions for first-time buyers [3][4]. Group 3: Buyer Demographics - Properties priced below 3 million yuan accounted for 60% of transactions in November, highlighting the dominance of first-time buyers in the market [4]. - The proportion of transactions for homes priced below 3 million yuan has significantly increased from approximately 36% three years ago, indicating a robust demand from the first-time buyer segment [4]. Group 4: Investment Potential - The rental yield for certain properties has improved, with some achieving rental yields of 2%-3%, which is comparable to commercial loan interest rates, enhancing their investment appeal [5][6]. - The adjustment in property prices, coupled with stable rental income, has attracted both first-time homebuyers and conservative investors seeking stable cash flow amidst market volatility [6]. Group 5: Market Outlook - Analysts suggest that the high transaction volume in November is a result of market self-adjustment, with pent-up demand being gradually released as prices return to reasonable levels [6]. - The ongoing optimization of supply and demand dynamics is expected to sustain active transactions of quality properties, with a potential continuation of the "stable volume, declining price" pattern in the short term [6].

Investment Rating - The report indicates a cautious outlook on the second-hand housing market, reflecting a buyer's market with significant supply-demand imbalance [13][14][36]. Core Insights - The second-hand housing market in 100 cities continues to show a downward adjustment, with supply pressures and cautious demand creating a fragile balance [13][14]. - The total listing volume reached 2.6536 million units, a year-on-year increase of 10.82%, with new first-tier cities leading the growth at 13.07% [13][18]. - The demand side remains weak, as the housing search heat index dropped by 6.42% year-on-year, with all city tiers experiencing declines [23][24]. - Average listing duration increased to 94.86 days, indicating prolonged matching times between buyers and sellers [29][30]. - The average listing price across 100 cities fell to 11,790 yuan per square meter, down 8.12% year-on-year, with all city tiers showing price declines [36][37]. Summary by Sections 1. Listing Volume - The total listing volume in October 2025 was 2.6536 million units, reflecting a year-on-year increase of 10.82% [18]. - First-tier cities saw a 6.85% increase, while new first-tier cities experienced a 13.07% rise [18][19]. 2. Housing Search Heat Index - The housing search heat index for October 2025 was 70.25, down 6.42% year-on-year, with first-tier cities declining by 8.09% [24][25]. - Shenzhen experienced the largest drop at 10.75%, while Shanghai had a smaller decline of 4.90% [25][27]. 3. Listing Duration - The average listing duration reached 94.86 days, up 5.79% year-on-year, with first-tier cities averaging 107.29 days [29][30]. - Beijing had the highest increase in listing duration at 21.17%, while Guangzhou had the smallest at 4.48% [31][32]. 4. Listing Price - The average listing price was 11,790 yuan per square meter, down 8.12% year-on-year, with first-tier cities showing a decline of 6.73% [36][37]. - The largest price drop was observed in second-tier cities at 8.95%, while new first-tier cities and third-fourth tier cities saw declines of 7.97% and 8.12%, respectively [36][38].

Core Insights - The second-hand housing market during the National Day holiday in 2025 showed a complex situation characterized by ongoing policy benefits, the impact of tourism, and increasing urban differentiation [1][2]. Market Overview - The average daily housing search heat in 60 key cities was 126.05 during the National Day holiday, a decrease of 10.54% compared to 2024 and 16.60% compared to 2023. This indicates a continued adjustment trend, although the decline from the previous 30 days' average of 130.99 was only 3.77%, suggesting market sentiment is stabilizing [3][5]. Policy Impact - Various policies, including housing subsidies and relaxed purchase restrictions, were implemented before and during the holiday, boosting market confidence from both demand and supply sides. However, tourism during the holiday diverted some potential homebuyers, slightly suppressing market activity [1][2]. Urban Differentiation - There is a notable divergence between cities. First-tier and new first-tier cities showed stronger market resilience, with Guangzhou experiencing an 8.89% year-on-year growth and Chongqing leading new first-tier cities with a 15.20% growth rate. In contrast, second-tier and lower-tier cities faced significant adjustment pressures, with cities like Nantong and Xianyang seeing declines exceeding 30% [2][9]. City-Level Performance - First-tier cities had an average daily heat of 127.60, down 5.42% from 2024, showing the smallest decline and highest stability. New first-tier cities averaged 130.46, down 4.02%, while second-tier cities averaged 125.96, down 13.05%, indicating greater volatility. Third and fourth-tier cities had the largest decline at 13.78% [9][10][12]. Recent Policy Developments - A series of policies aimed at stimulating the housing market were introduced, which are expected to have varying impacts across different city tiers. High-tier cities are beginning to stabilize, while lower-tier cities continue to experience deep adjustments [21].

Core Viewpoint - The second-hand housing market in Hefei's Binhu New District is experiencing a downward price trend, with various properties being sold at significantly lower prices, indicating a market bottoming phase [1][16][22]. Group 1: Price Trends - Multiple residential complexes are witnessing record low transaction prices, with some properties sold at "blood loss" prices [1][16]. - For instance, a 98.7㎡ unit in Zhonghai Binhu Gongguan sold for 1.13 million, reflecting a unit price of 11,448 yuan/㎡, which is 20.7% lower than the current average price of 14,429.5 yuan/㎡ in the area [2][3]. - Another example includes a 93.8㎡ unit in Vanke Lanshan, which sold for 1.25 million at a unit price of 13,326 yuan/㎡, indicating a significant price drop [4][6]. Group 2: Transaction Characteristics - The transaction cycles for many properties are notably short, with some units selling in as little as 16 days, suggesting a quick turnover for lower-priced listings [9][10]. - High demand for low-priced small units is evident, as these properties tend to have shorter selling periods compared to higher-priced options [16][22]. - The market is currently characterized by a "price for volume" strategy, where lower prices are leading to quicker sales, although the overall price stabilization has not yet been achieved [22]. Group 3: Market Dynamics - The overall market is under pressure, with many quality developments experiencing price declines, and ordinary residential properties seeing more pronounced drops [22]. - The data indicates that while some high-end properties maintain relative price stability, the general trend is downward, with many complexes reporting significant price reductions [17][21]. - The market is in a phase where buyers are encouraged to make rational decisions based on their actual needs and financial situations, as this may represent a window of opportunity for first-time buyers [22].