Core Viewpoint - The Shanghai second-hand housing market shows a decline in transaction volume and prices, with July 2023 seeing a 1.69 million units sold, down 8.67% month-on-month and 7.01% year-on-year, while the price index fell 1.82% for three consecutive months [1][2]. Group 1: Transaction Volume and Price Trends - July's transaction volume is better than the same period in 2023, attributed to new policies stimulating growth, despite a downward price trend that has not stabilized [2]. - The total number of second-hand homes listed in Shanghai remains high, leading to increased price competition [2]. - The absolute transaction volume in July did not fall below 1.5 million units, indicating market resilience [3]. Group 2: Market Demand Characteristics - The market demand is primarily driven by first-time homebuyers and young families, with a significant portion of transactions occurring in properties priced below 3 million yuan [3]. - There is a noticeable increase in the proportion of high-priced property transactions, but it has not yet formed a significant trend due to the ongoing popularity of high-end new properties [3]. Group 3: Price Changes by District - In July, only five districts in Shanghai saw an increase in second-hand housing prices, with Changning District up 3.4% and Songjiang District up 2% [5]. - Central districts like Jing'an, Hongkou, Xuhui, and Yangpu experienced varying degrees of price declines, highlighting ongoing regional and product differentiation [6]. Group 4: Price Comparisons and Market Sentiment - Current prices for some second-hand homes are approaching levels seen in 2016, with structural differences noted in property conditions and locations [7]. - The overall housing prices are reported to be the lowest since 2015, with significant price drops observed in older properties [10][11]. - Recent price declines have slowed, suggesting that panic selling is not expected to recur [12].

Core Insights - The Wuhan real estate market shows signs of recovery, with July 2025 second-hand housing transactions reaching 7,605 units, a month-on-month increase of 3.43% and stable compared to the same period last year [1] Group 1: Market Trends - The data indicates a continuation of the recovery trend observed since the second quarter of 2025 [1] - The influx of customers into real estate agencies has increased significantly, with one agency reporting a 55% year-on-year increase in visitor numbers, totaling 45 groups in July [5] - The transaction volume for the agency reached 8 units in July, marking a 200% increase compared to the previous year [5] Group 2: Buyer Preferences - First-time buyers constitute 45% of the market, primarily interested in small to medium-sized units and transportation accessibility [5] - Improvement-oriented buyers focus on larger spaces and community environments, with some prioritizing areas near planned metro lines or commercial centers [5] - The shift in buyer focus from "school district-driven" to "residential attributes" is noted, with increasing confidence among buyers as transportation and commercial facilities improve [6] Group 3: Property Characteristics - The most sought-after properties are those less than 10 years old and conveniently located, which are perceived to offer better quality and comfort [5] - The demand for school district properties has decreased due to policy changes and demographic shifts, leading to increased difficulty in reselling such properties [6] - Areas like Hongshan District and Hanyang District are highlighted for their active transaction volumes, with 100 square meter three-bedroom units near metro lines being the mainstream choice [6]

CRXC 克而瑞·研究中心 中国房地产 研报 二手结构|上半年京沪深杭大面积、中高总价 成交占比持增 二手结构|上半年京沪深杭大面积、中高总价成交占比持增 文/俞倩倩 步入 2025 年二季度以来,二手房成交热度稳步回落,逐月下跌,但上半年累计同比增幅仍显著 好于新房。据 CRIC 监测数据,2025年上半年 30个重点城市二手房成交累计同比增 12%,与新房成 交环比持增形成鲜明对比。究竟上半年二手房市场成交结构有哪些变化?又反映出当前客群怎样的 置业偏好呢? 一、京沪深 3000 万以上豪宅需求持稳，300-600 万成交占比显著回调 从成交总价段来看当前居民当前购买力,主要呈现出以下特征: 一是京沪总价 1000万以上豪宅市场需求稳中有增,成交占比不大但增幅较为显著,以上海为例, 总价超 1000 万二手豪宅 2025 年上半年成交套数占比不足 5%,但整体呈现出同环比齐增,其中 1000-3000 万增幅最为显著,同环比分别上升 0.68pcts 和 0.33pcts。 二刚改客群即总价段处于 300-600 万成交占比显著回调,客户观望情绪持续加剧,以北京为例, 三个总价段 300-400 万元、4 ...

Market Analysis - The Beijing second-hand housing market has shown a rebound trend recently, with 2,949 transactions in the latest week (July 21-27), a week-on-week increase of 4.4%, but still 39.6% lower than the peak in June (4,880 transactions) [4][5] - The average unit area has decreased to 91 square meters, the lowest in the past six weeks, indicating an increase in the proportion of small-sized units sold [4] - The transaction volume has shown a "high rebound - bottoming out" trend over the past six weeks, with a cumulative increase of 35.7% in the last two weeks of July, suggesting a gradual recovery in market activity [4] Shanghai Market - The Shanghai second-hand housing market has recently stabilized, with 4,478 transactions in the week of July 21-27, reflecting a week-on-week increase of 1.3%, although the transaction area slightly decreased by 0.5% [8][9] - The average unit area remains stable at 83 square meters, with transaction volumes fluctuating between 4,100 and 5,100 units over the past six weeks [8] - The market is in the late adjustment phase, with moderate recovery in transaction volume but not yet forming a trend of significant increase [8] Shenzhen Market - The Shenzhen second-hand housing market is experiencing a continuous cooling trend, with 1,039 transactions in the week of July 21-27, a week-on-week decrease of 6.0%, marking three consecutive weeks of decline [12][14] - The transaction area was 103,134.36 square meters, down 7.5% week-on-week, with a notable drop in transaction volume from a high of 1,222 units [12] - The average unit area has decreased from 102 square meters to 99 square meters, indicating an increase in the proportion of medium and small-sized units sold [12] Hangzhou Market - The Hangzhou second-hand housing market is showing a mild adjustment trend, with 1,231 transactions in the week of July 21-27, reflecting a slight week-on-week decrease of 0.2% [16][18] - The average unit area has compressed to 104 square meters, down 3.7% from mid-June, indicating an increase in demand for affordable housing [16] - The market is currently in a seasonal adjustment period, with transaction volumes stabilizing around 1,230 units [16] Chengdu Market - The Chengdu second-hand housing market has shown a stable trend, with 3,806 transactions in the week of July 21-27, a slight week-on-week increase of 0.8% [21][23] - The transaction area decreased by 0.7%, with the average unit area remaining at 94 square meters, reflecting an increase in the proportion of small-sized units sold [21] - The market has shown significant fluctuations, with transaction volumes stabilizing around 3,700 units since July, down approximately 18% from the June peak [21]

Group 1 - The importance of thorough preparation before purchasing a second-hand house, including understanding market trends and recent transaction prices in the same area [2][3] - Gathering information about the seller's urgency and reasons for selling can provide leverage in negotiations [4][5][6][7] Group 2 - Identifying defects in the property during viewings can serve as a basis for price negotiations [8] - The sequence of negotiation is crucial, suggesting that the agent should initiate the first round of price discussions [8] Group 3 - The timing of the offer can impact negotiation outcomes, with specific periods such as year-end or during market adjustments providing better opportunities [10] - Tax and fee negotiations can also be a form of price reduction, as can requests for included furniture and appliances [12] Group 4 - Caution against "fishing prices" that are significantly below market value, as they may indicate underlying issues [14] - Avoid excessive bargaining that could lead to losing the opportunity to purchase the property [14]

Core Viewpoint - The real estate market is experiencing a significant decline in second-hand housing prices, but the overall trend is shifting towards stabilization, with opportunities for potential buyers emerging in the latter half of 2025 [1][3][4]. Group 1: Market Trends - The second-hand housing prices in major cities have been declining both year-on-year and month-on-month, with "price for volume" being the prevailing market strategy [3]. - Chengdu leads in second-hand housing transactions with 19,214 units sold in June, followed by Shanghai with 18,028 units and Beijing with 15,139 units [3]. - Since July 2020, second-hand housing prices have reached a low point, and while further declines are expected, the pace of decline is anticipated to stabilize under current policy guidance [3][4]. Group 2: Buyer Insights - For potential homebuyers who have been waiting for years, the latter half of this year presents a favorable opportunity to purchase homes [4]. - The market is showing a significant divide, with 41.9% of the market consisting of homes priced below 3 million, while buyers of upgraded housing face considerable pressure due to lack of negotiation [7]. Group 3: Legal Auction Market - The volume of auctioned properties has increased, with 32,000 properties available in June, indicating sustained market confidence [9]. - Buyers are finding better deals in auctioned properties compared to regular second-hand homes, as these often sell below appraisal values, providing financial advantages [9]. - Caution is advised when participating in property auctions, and it is recommended to engage professional services for due diligence to avoid potential pitfalls [11].

Core Viewpoint - The high-end real estate market in Beijing, Shanghai, and Shenzhen is expected to stabilize but may decline slightly, driven by increased supply and changing buyer preferences [21][22]. Group 1: Market Overview - As of June 2025, the second-hand housing market in 30 key cities remains stable, with transaction volumes unchanged month-on-month but showing a slight year-on-year decline of 3% [3]. - The new listing volume in Beijing, Shanghai, Shenzhen, and Hangzhou shows a mixed trend, with Beijing, Shenzhen, and Hangzhou experiencing slight increases, while Shanghai saw a significant drop of 18% month-on-month [3][4]. Group 2: Listing Structure Analysis - In Beijing, the proportion of listings priced over 600 million yuan is increasing, particularly in the 600-800 million yuan segment, which rose from 10.40% to 11.27% [4]. - In Shanghai and Shenzhen, there is a notable decline in the mid-price segment (300-1000 million yuan), with the most significant drop in the 300-500 million yuan range, which decreased by 0.73 percentage points [9][10]. Group 3: Price and Area Segmentation - In Hangzhou, low-priced and small-sized properties remain the primary listings, with the 100-300 million yuan segment increasing by 0.75 percentage points [15][16]. - The listing volume for properties under 90 square meters is increasing, while larger properties (over 180 square meters) are seeing a significant decline [18][19]. Group 4: Market Sentiment and Future Outlook - The overall sentiment in the second-hand housing market is characterized by a "stable overall, differentiated internal" pattern, with Beijing showing positive signals and increased listings in the high-end segment [21]. - The future market dynamics will depend on the willingness of sellers to reduce prices, as the large base of listings may lead to extended transaction cycles if no significant price advantages are offered [22].

Core Viewpoint - The rise of "串串房" (quickly renovated houses) in Huizhou's real estate market presents both opportunities and significant risks for buyers, particularly concerning renovation quality, transaction processes, and property rights [1][8]. Group 1: Definition and Market Dynamics - "串串房" refers to second-hand houses that are quickly renovated and resold at a high price, often found in older neighborhoods with good transportation and amenities [2]. - Investors or agencies typically purchase these properties at 70%-85% of market value, renovate them, and then sell them for substantial profits, sometimes earning tens of thousands of yuan in the process [2]. Group 2: Renovation Quality and Safety Concerns - Many "串串房" are superficially appealing but are renovated with low-cost materials, leading to potential safety hazards [4]. - Common issues include the use of unbranded materials, poor-quality paints, and skipping essential processes like electrical upgrades and waterproofing [4][5]. - The rapid turnaround time for these properties often results in lingering harmful substances, such as formaldehyde, posing health risks to residents, especially vulnerable groups like children and the elderly [5]. Group 3: Legal and Transactional Risks - The transaction process for "串串房" is often complicated, with discrepancies between the property owner and the signing party, leading to potential legal disputes [7]. - Issues such as multiple sales of the same property or undisclosed property liens can result in contracts being deemed invalid by courts, leaving buyers unable to complete transactions [7]. Group 4: Market Impact and Consumer Caution - The surge in "串串房" sales may temporarily boost transaction numbers, but it also leads to increased complaints regarding renovations, property rights disputes, and quality issues, ultimately undermining market confidence [8]. - Real estate agencies may face reputational damage as issues arise, with sellers often disappearing when problems occur, making accountability difficult [8]. Group 5: Buyer Precautions - Buyers are advised to scrutinize renovation details, check for unpleasant odors indicating poor materials, look for signs of previous occupancy, verify the quality of appliances and furniture, and ensure clear property rights to mitigate risks [9][10].

Core Viewpoint - The second-hand housing transaction scale has slowed down since the second quarter of 2025, but the cumulative year-on-year growth is significantly better than that of new homes, remaining in a high-level fluctuation market [3][13]. Group 1: Transaction Volume and Structure - In the first half of 2025, the cumulative year-on-year growth of second-hand housing transactions in 30 key cities was 12%, contrasting sharply with the new housing market [3]. - The demand for luxury homes priced above 30 million in Beijing, Shanghai, and Shenzhen remains stable, while the transaction proportion for homes priced between 3-6 million has significantly declined, indicating increased buyer hesitation [4][5]. - The ultra-low price segment (under 2 million) shows a serious downgrade in consumption among extreme first-time buyers, with transaction concentration in low-priced properties in Shanghai, Shenzhen, and Hangzhou continuing to rise [5]. Group 2: Area and Size of Transactions - The transaction concentration for small-sized properties (under 90 square meters) has decreased, while the proportion of transactions for larger properties (over 140 square meters) has increased, driven by the demand for more functional living spaces [6][7]. - In major cities, the transaction concentration is shifting towards medium-value areas, with notable declines in transaction concentration in primary areas of Shanghai and Shenzhen [10][11]. Group 3: Market Outlook - The second-hand housing market in Beijing, Shanghai, Shenzhen, and Hangzhou is expected to continue a stable but declining trend in the short term, influenced by new listings and the quality of new housing products entering the market [13]. - The current market is transitioning to a buyer's market, where buyers are increasingly considering location, amenities, and price, leading to longer transaction cycles for older properties in less desirable areas [13].

Core Insights - The second-hand housing market in Shenzhen recorded 5,546 transactions in June 2025, representing a month-on-month decrease of 3.2% but a year-on-year increase of 4.5% [1] - The market exhibited a "convex" trend in the first half of the year, with a rapid recovery post-Spring Festival, leading to a strong performance in March and April, followed by seasonal fluctuations [1] - Despite a recent slight decline, the overall market remains robust, with an average of over 5,000 transactions per month in the first half of the year, indicating a recovery in consumer confidence, albeit still insufficient [1] - A total of 35,106 second-hand housing contracts were recorded in the first half of 2025, marking a significant increase of 30.7% compared to the same period in 2024 [1]