居者有其屋的悖论：为何空置房林立，房价却纹丝不动？ 一旦有持续的购买需求存在，开发商自然会乐此不疲地继续兴建房屋。而当购房者趋之若鹜，房价也随 之水涨船高。这便形成了一个恶性循环：房子从安居乐业的港湾，沦为了投机牟利的工具，空置率居高 不下，房价却愈发高不可攀。这不仅让真正有刚性住房需求的人们望而却步，加剧了社会矛盾，更是一 种对宝贵社会资源的巨大浪费。 幸运的是，国家早已敏锐地察觉到这一问题的严重性，并适时提出了"房住不炒"的明确导向。即便面对 疫情的冲击，这一政策的坚持也未曾动摇。值得欣慰的是，"房住不炒"的政策正在逐步显现其成效。房 价过快上涨的势头得到了有效遏制，开发商面临资金压力，放缓了土地购置和新房建设的步伐。那些手 中囤积大量房产、企图通过房价上涨获利的投资者，发现房产变现的难度加大，购房热情也因此降温。 随着购房者入市意愿的减弱，开发商也随之放缓了建造的脚步。长此以往，积压的空置房问题，终将得 到逐步缓解。 步入近年来的诸多住宅小区，放眼望去，一盏盏灯火稀疏的房屋仿佛在诉说着一个令人费解的现实：一 面是林林总总、无人问津的空置房，另一面却是房价居高不下，开发商依然马不停蹄地建造新楼、售卖 房产 ...

Core Viewpoint - The Shanghai real estate market is showing signs of healthy activity despite a downward trend in housing prices, with a notable transaction volume of 22,943 second-hand homes in November 2025, indicating strong demand from genuine buyers rather than investors [1][3]. Group 1: Market Activity - In November 2025, Shanghai's second-hand housing transaction volume reached 22,943 units, reflecting a robust market despite declining prices [1]. - The current market dynamics suggest that many buyers are purchasing homes based on actual needs rather than speculative investment, which is a shift from previous trends where buyers focused on price appreciation [3][4]. Group 2: Buyer Behavior - The prevailing sentiment among buyers is that they are not primarily investors; instead, they are looking for homes that fit their budget and personal requirements [4]. - The concept of "demand" in the housing market is validated by the continued transaction volume, indicating that genuine housing needs persist even in a declining price environment [3][4]. Group 3: Market Sentiment - The narrative around the housing market has shifted from one of speculation to one of necessity, with buyers less concerned about price fluctuations and more focused on finding suitable homes [4]. - The market is characterized by a balance of price increases and decreases, which is considered normal in the real estate sector [4].

Core Insights - The Chinese real estate market is undergoing significant changes, with discussions about the timing of home purchases becoming increasingly heated. The past environment of simple decision-making has transformed, and the market is entering a new development phase by 2026 [1] Policy Changes - There is a fundamental shift in policy direction, moving from strict controls like purchase limits and loan restrictions to a more supportive stance, with cities gradually easing restrictions. Even Beijing has adjusted its purchase policies in certain areas, indicating a clear intent to support the market [3] Market Dynamics - A noticeable trend of market differentiation is emerging, with core areas in first-tier cities experiencing high demand for quality housing, while some third and fourth-tier cities face price adjustment pressures. This disparity is driven by population movement, with cities attracting residents enjoying a stable real estate market [4] Buyer Sentiment - Buyer attitudes are undergoing profound changes, with a significant reduction in purchases made for investment purposes. The concept of "housing is for living, not for speculation" has taken root, leading buyers to prioritize living quality and practical factors such as school districts and transportation [6] Product Quality - The quality of housing supply is significantly improving as developers shift focus from quantity to quality to meet the increasingly discerning demands of buyers. Features like green buildings, smart homes, and healthy living spaces are becoming standard in new properties, providing more options for buyers with rigid demands [6]