11月二手房成交环比回升同比下滑、需求分层显著，预判12月核心城市成交低位震荡。 ◎ 文/ 俞倩倩 2025年11月重点30城二手房成交规模环比增14%，前11月累计同比增幅收窄至3%，二手房成交动能持续放缓。究竟2025年11月二 手房市场成交结构有哪些变化？又反映出当前客群怎样的置业偏好呢？ 京沪深杭等200万元以下总价房源 成交占比同比增长显著 01 （2）京沪300万-1000万元中改二手需求全面"塌陷"，这一总价段同环比全线"飘绿"， 一方面源于新房市场优质产品入市对二手客 群分流作用；另一方面。二手"卖旧"链条受阻，成交周期拉长，也使得整体改善客群置换链条受阻。 （3）深杭中高改需求面临阶段性复苏 ，据CRIC监测数据，深圳2025年11月800万-3000万元总价段成交套数占比同环比齐增，而杭 州2025年11月300万-600万元总价房源成交套数占比环比增幅也较为显著。 | | | | | | | ッズ | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 嫩市 | सम् ...

Core Viewpoint - The second-hand housing market in major cities like Beijing, Shanghai, Shenzhen, and Hangzhou is expected to see a surge in transactions as September coincides with the end of the quarter, despite a general decline in transaction volume since Q3 2025. The market remains in a high-level oscillation phase, with low-priced, essential demand driving sales, while high-end luxury transactions stabilize [1][15]. Transaction Volume and Trends - In August 2025, the cumulative year-on-year increase in second-hand housing transactions in 30 key cities was 9%, significantly outperforming new housing transactions, which showed a decline [2][15]. - The proportion of transactions under 2 million yuan in Beijing, Shanghai, Shenzhen, and Hangzhou has increased year-on-year, indicating that essential buyers remain the primary force in the market [3][15]. Price Segmentation - The share of transactions in the low total price segment (under 2 million yuan) has increased, with Shanghai seeing 43.78% of transactions in this category, up 6.45% year-on-year. In contrast, the mid-range segment (3-6 million yuan) has seen a decline in transaction share, reflecting increased buyer hesitation [3][4][15]. - High-end demand remains stable, with luxury properties (over 50 million yuan) in Beijing, Shanghai, and Shenzhen maintaining their market share, while Hangzhou's mid-range (8-30 million yuan) transactions have increased [4][15]. Area and Size Distribution - The majority of transactions in Beijing, Shanghai, and Shenzhen are concentrated in small-sized properties (under 90 square meters), which account for over 60% of total transactions. This trend is driven by a strategy of "price for volume" as sellers aim to move inventory quickly [8][15]. - In Hangzhou, there has been a notable increase in transactions for medium to large-sized properties (100-180 square meters), catering to buyers looking for more functional living spaces [8][15]. Regional Concentration - The transaction concentration in key districts of Beijing, Shanghai, Shenzhen, and Hangzhou has increased, with notable growth in areas like Beijing's Chaoyang and Shanghai's Yangpu districts. However, the overall concentration in major districts is decreasing, indicating a shift towards suburban and core urban areas [12][15]. Market Outlook - The second-hand housing market is expected to continue its high-level oscillation, with price-driven demand from essential buyers. The market's transition to a buyer's market suggests that buyers will prioritize location, amenities, and price when making purchasing decisions, potentially extending the transaction cycle for less desirable properties [15].

Core Viewpoint - The second-hand housing transaction scale has slowed down since the second quarter of 2025, but the cumulative year-on-year growth is significantly better than that of new homes, remaining in a high-level fluctuation market [3][13]. Group 1: Transaction Volume and Structure - In the first half of 2025, the cumulative year-on-year growth of second-hand housing transactions in 30 key cities was 12%, contrasting sharply with the new housing market [3]. - The demand for luxury homes priced above 30 million in Beijing, Shanghai, and Shenzhen remains stable, while the transaction proportion for homes priced between 3-6 million has significantly declined, indicating increased buyer hesitation [4][5]. - The ultra-low price segment (under 2 million) shows a serious downgrade in consumption among extreme first-time buyers, with transaction concentration in low-priced properties in Shanghai, Shenzhen, and Hangzhou continuing to rise [5]. Group 2: Area and Size of Transactions - The transaction concentration for small-sized properties (under 90 square meters) has decreased, while the proportion of transactions for larger properties (over 140 square meters) has increased, driven by the demand for more functional living spaces [6][7]. - In major cities, the transaction concentration is shifting towards medium-value areas, with notable declines in transaction concentration in primary areas of Shanghai and Shenzhen [10][11]. Group 3: Market Outlook - The second-hand housing market in Beijing, Shanghai, Shenzhen, and Hangzhou is expected to continue a stable but declining trend in the short term, influenced by new listings and the quality of new housing products entering the market [13]. - The current market is transitioning to a buyer's market, where buyers are increasingly considering location, amenities, and price, leading to longer transaction cycles for older properties in less desirable areas [13].