Core Viewpoint - The second-hand housing market is experiencing a continuous price adjustment, leading some first-time buyers to enter the market. As of September 2025, the average price of second-hand residential properties in 100 cities is 13,381 yuan per square meter, reflecting a month-on-month decline of 0.74% and a year-on-year decline of 7.38%. The prices have been falling for 41 consecutive months, with a cumulative decline of 5.79% in the first three quarters of the year [3][4][10]. Price Trends - The average price of second-hand homes in 100 cities has been on a downward trend, with a significant year-on-year decrease of 7.38% as of September 2025. The cumulative decline for the first three quarters is 5.79% [3][10]. - The second-hand housing market is under pressure due to high listing volumes, with a total of approximately 2.5842 million listings across 100 cities, indicating a growing trend [10]. Transaction Volume - In September 2025, 23 cities among key national cities saw a year-on-year increase in transaction volume. Notably, Huizhou experienced a 50.6% increase in transaction volume, with 4,594 units sold, while Xuzhou saw a 43.3% increase with 1,242 units sold [4][8]. - The overall transaction volume in Huizhou for the first half of the year was 23,007 units, marking a year-on-year increase of 14.80% [5]. Market Characteristics - The second-hand housing market is characterized by three significant trends: overall volume increase, structural differentiation, and policy-driven changes. The market is complex, primarily due to high listing volumes [10]. - The average listing duration for second-hand homes reached 95.12 days in September 2025, reflecting a year-on-year increase of 6.65%, indicating a slowdown in market circulation speed [10]. Policy Impact - Various local governments have introduced measures such as optimizing housing provident funds, offering purchase subsidies, and lowering mortgage rates to support market demand and maintain transaction volumes [9][10].

Core Insights - The second-hand housing prices continue to adjust, leading some first-time homebuyers to choose to enter the market [1] - In September 2025, the average price of second-hand residential properties in 100 cities was 13,381 yuan per square meter, with a month-on-month decline of 0.74% and a year-on-year decline of 7.38% [1] - The transaction volume in September showed that 23 cities among key national cities experienced year-on-year increases [2] Price Trends - The cumulative decline in second-hand housing prices across 100 cities for the first three quarters was 5.79% [1] - The average listing duration for second-hand homes reached 95.12 days in September 2025, an increase of 6.65% year-on-year [5] - The overall market is under pressure from high listing volumes, with a total of approximately 2.5842 million second-hand homes listed [5] Transaction Volume Insights - In September, Huizhou and Xuzhou led the transaction increases, with Huizhou seeing a 50.6% year-on-year increase in transaction volume [3][4] - The transaction volume in Huizhou was 4,594 units, while Xuzhou recorded 1,242 units, reflecting significant growth in these smaller cities [3][4] - The trend indicates a shift towards lower-priced housing, with low total price transactions increasing from 25% to 36% [2] Market Characteristics - The second-hand housing market is characterized by three main features: total volume increase, structural differentiation, and policy-driven dynamics [5] - Various local governments have introduced measures such as optimizing housing provident funds, offering purchase subsidies, and lowering mortgage rates to support transaction volumes [5] - The market is experiencing a complex operational state, with a focus on "price for volume" strategies as a prevailing trend [5]