Core Insights - The cumulative transaction volume of second-hand houses in Shanghai reached 231,000 units from January to November 2025, marking a new high in nearly four years [1] Group 1: Transaction Trends - The transaction volume of second-hand houses in Shanghai has shown a continuous upward trend over the past four years, with the following figures: 147,000 units in January-November 2022, 162,000 units in 2023, 214,000 units in 2024, and 231,000 units in 2025 [2] - November 2025 recorded a total of 22,943 transactions, making it the third highest monthly transaction volume of the year [4] Group 2: Monthly Performance - The peak monthly transaction volume in 2025 occurred in March, with 29,000 units sold, influenced by the "Hushiqiao" policy introduced in September 2024 [4] - Following the peak, transaction volumes declined monthly until a new policy was introduced on August 25, leading to a short-term recovery in September, where transactions exceeded 20,000 units [4] - October saw a decrease in transactions to 18,000 units due to the impact of the long holiday, but November rebounded to 22,943 units [4] Group 3: Daily Transaction Data - In November 2025, the average daily transaction volume was 765 units, with seven days exceeding 1,000 units, peaking at 1,147 units on November 29 [6]

Core Insights - The real estate market in key cities across China showed a significant rebound in transaction volume in September 2025, with notable year-on-year increases in several cities [2][3] - However, despite the increase in transaction volume, the average price of second-hand residential properties continued to decline, indicating ongoing downward pressure on prices [7][4] Transaction Data Summary - Cities with the highest transaction volumes included Shanghai (17,742 units, +43.1% YoY), Chengdu (16,345 units, +25.4% YoY), and Jinan (4,932 units, +26.9% YoY) [2] - Conversely, cities like Dalian (-60.8% YoY), Foshan (-27.9% YoY), and Nanjing (-12.0% YoY) experienced significant declines in transaction volumes [3] Price Trends - The average price of second-hand residential properties in 100 cities was 13,381 yuan per square meter in September 2025, reflecting a month-on-month decrease of 0.74% and a year-on-year decrease of 7.38% [7] - The price declines were observed across first, second, and third/fourth-tier cities, with first-tier cities experiencing a 3.64% cumulative decline from January to September 2025 [4] Market Activity - The trading activity in September 2025 indicated a recovery in the second-hand housing market, but the high volume of listings continued to exert pressure on prices [7] - The cumulative price decline for the first three quarters of 2025 was reported at 5.79% for the 100 cities monitored [7]