Core Insights - The average price of second-hand residential properties in 100 cities in September 2025 is 13,381 yuan per square meter, showing a month-on-month decline of 0.74% and a year-on-year decline of 7.38% [1][3] - The trading activity of second-hand houses in key cities has significantly rebounded, but prices continue to face downward pressure due to high listing volumes [1] - The cumulative decline in second-hand housing prices in the third quarter is 2.26%, which is an increase of 0.14 percentage points compared to the second quarter [1] Price Trends - In September, the second-hand housing prices in first-tier, second-tier, and third-fourth tier cities decreased by 0.60%, 0.87%, and 0.68% respectively, compared to the previous month [1] - From January to September, the cumulative price declines for first-tier, second-tier, and third-fourth tier cities are 3.64%, 6.47%, and 5.96% respectively [1] City-Specific Data - In September, the top ten cities saw a month-on-month price decline of 0.67%, with Wuhan, Tianjin, and Nanjing experiencing the largest declines of 1.18%, 1.11%, and 1.05% respectively [3][5] - Year-on-year, Wuhan and Nanjing had significant declines of 9.69% and 9.52%, while cities like Shenzhen and Chengdu had declines of less than 3% [3][5] Transaction Activity - In September, the number of transactions in key cities showed a year-on-year increase, with cities like Huizhou and Xuzhou seeing increases of 50.6% and 43.3% respectively [6][7] - Shanghai recorded 17,742 transactions, marking a 43.1% year-on-year increase, while cities like Chengdu and Nanjing also showed notable transaction growth [6][7]