Core Insights - The real estate market is experiencing a paradox where, despite a cooling trend, sales offices are crowded with visitors, indicating a complex consumer behavior [1][9]. Group 1: Market Dynamics - The cooling real estate market has attracted previously hesitant buyers who now perceive opportunities as prices stabilize or decline [3][4]. - Increased availability of discounted properties has led to more visitors, as developers offer incentives like price reductions and waived down payments to stimulate interest [3][4]. - Many visitors are not serious buyers but rather curious individuals seeking to compare prices and gather information about the market [4][6]. Group 2: Consumer Behavior - A significant portion of visitors is motivated by the anticipation of policy changes aimed at stabilizing the real estate market, such as lower mortgage rates and relaxed purchasing restrictions [4][6]. - The influx of visitors to sales offices serves as a market observation tool, where individuals gauge market trends and sentiment rather than making immediate purchases [6][9]. - The current consumer mindset reflects a more rational approach to buying, with potential buyers conducting thorough research and comparisons before making decisions [9][10]. Group 3: Sales Office Operations - Sales offices have become busy environments, often employing strategies to create an illusion of high demand, which can influence potential buyers' perceptions [7][9]. - The ratio of visitors to actual sales is significantly low, with reports indicating that it can be as high as 100 visitors for just one sale, highlighting the challenge for sales staff [6][9]. - Sales personnel face increased pressure to identify genuine buyers among a larger pool of casual visitors, necessitating enhanced skills in customer engagement and follow-up [10][11].

Core Viewpoint - The real estate market in China is experiencing a significant downturn, with new home prices declining in over 80% of major cities, indicating a cooling trend in the market [1][4]. Group 1: New Home Market Performance - In November, 59 out of 70 cities reported a month-on-month decline in new home prices, accounting for over 84% of the cities surveyed; only 8 cities saw price increases, with the highest being 0.3% in Hefei and Xiangyang [2][3]. - Year-on-year, only 5 cities experienced price increases, with Shanghai leading at a 5.1% increase, while major cities like Beijing, Guangzhou, and Shenzhen saw declines of 2.1%, 4.3%, and 3.7% respectively [2][3]. - The overall new home market remains in a price adjustment cycle, with a notable decrease in sales volume and price [4]. Group 2: Second-Hand Home Market Performance - The second-hand home market is even more sluggish, with all 70 cities reporting both month-on-month and year-on-year price declines, indicating a "complete defeat" in this segment [4]. - From January to November, the total sales of new homes reached 75,130 billion, down 11.1% year-on-year, while the sales area decreased by 7.8% to 78,702 million square meters [6]. - In Xi'an, the new home price index has fallen for 15 consecutive months, reflecting a persistent downward trend in the market [6]. Group 3: Regional Focus - Xi'an - In Xi'an, the new home price index for November was 99.6 month-on-month and 94.6 year-on-year, indicating ongoing price declines [6]. - The second-hand home price index in Xi'an for November was 98.4, with a month-on-month decline of 1.2 percentage points and a year-on-year index of 91.9, showing an expanded drop [10][11]. - The inventory of second-hand homes in Xi'an remains high, with over 170,000 listings, leading to increased pressure on prices as sellers are more willing to lower prices [12]. Group 4: Product Segmentation in Xi'an - For new homes, the price index for units of 90 square meters or less was 99.8 month-on-month and 94.7 year-on-year, indicating a smaller decline due to limited supply in this segment [9][12]. - The 90-144 square meter segment saw a month-on-month index of 99.4 and a year-on-year index of 94.1, facing pressure from high inventory and market sentiment [9][12]. - Larger units over 144 square meters had a month-on-month index of 99.7 and a year-on-year index of 95.9, with high-net-worth individuals showing cautious buying behavior, further slowing down sales [10][12].

Core Insights - The Shanghai real estate market in October showed a significant decline in transaction volume compared to September, with new residential sales dropping by 27% month-on-month to 398,000 square meters [1] - The supply of new homes decreased by 33% in October, with only 33 new projects launched, indicating a low willingness among developers to release new inventory [2] - The luxury housing market is experiencing a return to rationality, with a slight decrease in average transaction prices, which fell by 6.4% to 83,955 yuan per square meter [2] New Housing Market - In October, the new housing market in Shanghai saw a total supply of 423,000 square meters, with only 14 out of 33 projects offering more than 100 units, reflecting developers' reluctance to push new inventory [2] - High-end projects remain the focus, with nine projects priced above 100,000 yuan per square meter, including the successful launch of Vanke's high-end project in Huangpu District, which achieved sales exceeding the total for the same price segment in 2024 [2] - The overall transaction volume for new homes was lower than expected, with the last week of October failing to show a significant uptick in sales [1][2] Second-Hand Housing Market - The second-hand housing market in Shanghai also experienced a downturn, with a total of 18,483 transactions in October, a decrease of 9.83% from September and a 24.17% drop year-on-year [4] - The market showed signs of cooling, with only three days in October recording over 1,000 transactions, and the average daily sales during the first half of the month being significantly low due to the holiday impact [4] - The trend of "price for volume" is evident, with sellers reducing prices to stimulate sales, as illustrated by a buyer's experience of multiple price cuts on a property [3][4] Market Performance Comparison - Overall, the performance of the Shanghai real estate market in October ("Silver October") was weaker than in September ("Golden September"), with total transactions for both new and second-hand homes significantly lower [4] - In September, total housing transactions reached 2.07 million square meters, with a month-on-month increase of 8% and a year-on-year increase of 24%, contrasting sharply with October's figures [4][5]

Core Insights - The article discusses the decline in second-hand property prices across various regions, highlighting that no area is immune to price drops, with some properties experiencing significant declines due to unique characteristics [1][16]. Data Analysis - The data shows a significant decrease in transaction prices for various properties from 2020 to 2025, with some properties like "群升国际GX" dropping from over 50,000 to around 30,000, a decline of approximately 20,000 [2][3]. - "富力中心BX" also experienced a notable price drop, with average prices falling from 35,688 to 16,428, indicating a decrease of 19,260 [2]. - The "世茂茶亭臻园" property, once a high-end luxury option, now has transaction prices around 22,000, reflecting a significant decline from previous years [9][12]. Market Trends - The article notes that properties marketed as school district homes have seen a substantial decrease in value, with many dropping over 10,000 from their previous prices due to declining interest and changes in school performance [20][28]. - The trend indicates that high-rise residential properties, once considered desirable, are now viewed unfavorably, leading to poor resale performance [12][26]. - The article emphasizes that properties with poor living experiences, such as high-rise public housing, are particularly vulnerable to price declines, with some dropping to around 10,000 [31]. Regional Insights - In the 台江区, properties like "富力中心" and "中央第五街" have seen drastic price reductions, with some units dropping below 10,000 due to unmet commercial promises and poor product design [5][31]. - The article highlights that the market for安置房 (resettlement housing) has also been severely impacted, with prices dropping significantly, often below 10,000, reflecting a broader trend of declining property values in the region [31]. Conclusion - Overall, the data and analysis presented indicate a widespread decline in property values across various types of housing, with significant implications for investors and homeowners alike [16][20].