（文章来源：新华财经） 12月4日，易居研究院发布数据显示，11月一线城市二手住宅成交套数达49033套，创下7个月新高，环 比大幅增长20%，甚至超过传统旺季9月的成交水平。今年前11个月，一线城市二手住宅累计成交 519021套，同比增长约5%，为近四年来首次突破51万套大关。 ...

在"以价换量"的背景下，一线城市的二手房市场成交活跃度持续回升。 深圳市房地产中介协会最新的统计数据显示，11月深圳二手房成交共计录得5762套，环比增长3.9%， 同比下跌34.3%。从月度走势来看，自2025年2月录得低点后，市场成交量已连续9个月维持在5000套以 上，并于11月进一步回升至5762套，表明深圳二手房市场已逐步走出低谷，交易量进入企稳阶段。成交 量的持续稳定，有助于缓和市场情绪，为后续房价预期的稳定提供支撑。 从区域成交结构来看，11月深圳二手房市场格局保持稳定。龙岗、福田、罗湖、南山、宝安、龙华六区 仍为绝对成交主力，合计占比高达92.3%。从片区成交热度来看，当前深圳市场呈现出明显的刚需与豪 宅需求"两头热"的结构性特征。一方面，龙岗中心城片区以258套的成交量位居榜首，大幅领先其他片 区，同时龙岗区另有三个片区进入热度榜单，反映出以刚需为主的市场需求持续活跃。另一方面，定位 高端的南山区同样表现突出，共有三个片区上榜，显示出刚需型与高端置业需求同步升温的市场格局。 乐有家研究中心认为，深圳二手房交易活跃主要得益于所见即所得的现房优势，以及价格经过持续调整 后，市场上存在不少捡漏笋盘 ...

Core Insights - The Shanghai second-hand housing market is experiencing a resurgence in activity, with significant price reductions leading to increased transaction volumes [1][3][5] Group 1: Market Recovery - In November, the transaction volume of second-hand homes in Shanghai reached 22,943 units, a 24% increase from October, marking the highest level since May [3][5] - Daily transaction data shows that on November 23, a record 1,224 units were sold in a single day, contributing to an average daily transaction of 1,119 units throughout the month [5][11] Group 2: Structural Changes - The market recovery is characterized by a high proportion of transactions in the low-price segment, with homes priced below 3 million yuan accounting for 60% of sales [7] - There is a notable divergence in market performance, with older neighborhoods seeing active sales due to price advantages, while newer developments in prime areas face different market dynamics [7] Group 3: Price Trends - Despite the increase in transaction volume, the average price of second-hand homes in Shanghai continues to decline, with a reported average price of 34,500 yuan per square meter, down from previous months [9] - The average negotiation discount is approximately 6.9%, indicating a prevalent trend of aggressive price negotiations among buyers [9][15] Group 4: Driving Factors - The increase in transaction volume is driven by a substantial inventory of listings, which has decreased from 114,000 units in April to 97,000 units currently, allowing buyers more options and negotiation power [11] - There is a significant shift of rigid demand towards the second-hand market, with a ratio of 5:1 in transactions between second-hand and new homes in the first three quarters of 2025 [11] Group 5: Future Trends - Experts suggest that the current uptick in the second-hand housing market may be temporary, as challenges such as high inventory and low pricing persist [13] - The market is expected to stabilize in the short term, with ongoing policy support aimed at preventing further declines [13][15]

Core Insights - The current sentiment in the second-hand housing market is shifting towards a more cautious and observant stance among homeowners, with many opting to rent out their properties instead of selling them due to declining prices and market conditions [1][2][3] Group 1: Market Trends - Homeowners in Shenzhen are increasingly hesitant to sell their properties, with some reducing their asking prices by nearly 20% but still unable to find buyers [1] - The rental yield for properties has stabilized around 2.5%, prompting some owners to consider renting instead of selling [1] - The number of new listings for second-hand homes in key cities has decreased, with Shenzhen experiencing a year-on-year decline of 35% in new listings [1][2] Group 2: Pricing Dynamics - The average price of second-hand residential properties in 100 cities fell by 0.84% month-on-month and 7.60% year-on-year in October, while the top ten cities saw a month-on-month decline of 0.96% and a year-on-year drop of 4.77% [2] - Homeowners are facing low offers from potential buyers, leading to a reconsideration of their selling strategies, especially among those who do not urgently need cash [2] Group 3: Supply and Demand Structure - The current market is characterized by a "total decline and structural differentiation" in second-hand housing listings, with a shift towards lower-priced, smaller units to meet rigid demand [3] - The market is maintaining relative stability in transactions primarily through price adjustments, but the dual impact of "reluctance to sell" and "wait-and-see" attitudes may lead to a new round of market negotiations [3]

2025.11. 21 本文字数：862，阅读时长大约1分钟 作者 | 第一财经 马一凡 近期，有不少网友发现，位于上海新江湾城板块的"世纪江湾"小区多套住宅，在贝壳平台上挂出了极 为接近的价格。 比如有4套93平方米的三室两厅住房，挂出来的总价都是1460万元，还有一套93平方米的住宅则挂 了1470万元。 对于这一情况，有网友猜测，该小区部分业主成立了"价格同盟"、打响了"价格保卫战"，实际情况究 竟如何？ 第一财经采访了位于该板块的房产中介链家的门店（链家录入的房源显示于贝壳平台），门店方对记 者表示："93平方米户型确实有几套价格一样，最早是有一个小区业主来挂了这个价格，后来陆陆续 续也有其他业主来挂牌，他们参考了之前的挂牌价格。我们询问了业主，他们表示互相之间其实不认 识。" 此外，在该板块其他门店从事二手房交易的一名经纪人也对记者称："成立'价格同盟'的可能性应该不 大，因为在我日常几次带看中，在有买家愿意谈价时，部分业主还是愿意谈一谈的；另外挂牌价格也 偶尔有调整，上浮、下调的情况应该都存在的。" 从贝壳平台信息来看，该小区10月挂牌均价为15.74万元/平方米，9月成交均价为13.51万元/平 ...

Core Insights - October's existing home sales in the U.S. showed improvement due to a temporary decline in mortgage rates, but analysts warn that this recovery may not be sustainable [1] - The National Association of Realtors (NAR) reported that seasonally adjusted annualized sales reached 4.1 million units in October, reflecting a month-over-month increase of 1.2% and a year-over-year increase of 1.7% [1] Sales and Inventory - The inventory of homes for sale decreased to 1.52 million units in October, down 0.7% month-over-month, but still nearly 11% higher than the same period last year [1] - The current sales pace indicates a market inventory of only 4.4 months, suggesting a tight supply [1] Pricing Trends - The median price of existing homes in the U.S. reached $415,200 in October, marking a year-over-year increase of 2.1%, continuing a streak of 28 consecutive months of year-over-year price increases [1] Buyer Dynamics - Danielle Hale, Chief Economist at Realtor.com, noted that while mortgage rates have decreased and seasonal competition has lessened, housing affordability remains a core issue limiting the rebound in transaction volumes [2] - The average time homes spent on the market increased to 34 days in October, compared to 29 days in the same month last year [2] First-Time Homebuyers - The proportion of first-time homebuyers improved to 32%, up from 27% year-over-year, although regional disparities exist [2] - Lawrence Yun, NAR's Chief Economist, indicated that first-time buyers in the Northeast face the greatest challenges due to supply shortages, while the Midwest shows stronger performance due to more affordable prices and adequate supply [2] Market Segmentation - The recovery in the housing market is characterized by a "luxury-led" structure, with sales of homes priced over $1 million increasing by over 16% year-over-year, while homes priced below $100,000 saw a nearly 3% decline [2]

Core Viewpoint - The overall second-hand housing market transaction scale is expected to continue its fluctuating trend, with a gradual decline in transactions observed in October 2025 [2][12]. Market Transaction Trends - In October 2025, the transaction volume of second-hand houses in 30 key cities decreased by 11% month-on-month and 23% year-on-year, with a cumulative year-on-year growth narrowing to 6% [2]. - The new listing volume in key cities such as Beijing, Shanghai, and Shenzhen showed a consistent decline, with Shenzhen experiencing a year-on-year drop of 35% [4][12]. Listing Volume Analysis - The total new listings in Beijing, Shanghai, Shenzhen, and Hangzhou decreased by 9% month-on-month and 20% year-on-year in October [4]. - Specific data for October 2025 shows: - Beijing: 15,602 listings (-15% MoM, -20% YoY) - Shanghai: 14,612 listings (-4% MoM, -10% YoY) - Shenzhen: 5,521 listings (-17% MoM, -35% YoY) - Hangzhou: 6,402 listings (+6% MoM, -26% YoY) [6]. Price Segment Insights - In terms of price segments, there is an increase in the proportion of listings priced below 5 million and 30 million in Beijing, Shanghai, Shenzhen, and Hangzhou, while the proportion of listings priced between 5 million and 30 million has decreased [6]. - The listing activity for properties priced below 1 million has increased, indicating a growing willingness among owners to sell in the lower price segment [6][12]. Area Segment Insights - The new listing volume by area shows varied trends across the four cities: - Beijing and Hangzhou saw increases in listings for properties sized 50-70 square meters and 120-160 square meters, while Shanghai saw significant increases in listings for properties under 90 square meters [10][11]. - In Shenzhen, the increase in listings was more dispersed across various size segments, reflecting the overall price segment performance [10]. Future Market Outlook - The second-hand housing market is expected to maintain a fluctuating transaction scale due to prolonged transaction cycles and relatively high levels of listing inventory [12]. - The continuous decline in second-hand housing prices since the third quarter has diminished their stimulating effect on transaction volumes, particularly for first-time buyers, leading to an increase in market observation sentiment [12].

Core Insights - The real estate market in Hangzhou has experienced a significant decline in second-hand housing transactions, with October seeing a total of 5,934 units sold, a 6.9% decrease from September and marking the lowest monthly sales since March [1] - Year-on-year comparisons show a more than 30% drop in transaction volume compared to October of the previous year, highlighting a lack of buyer confidence and a prevalent wait-and-see attitude among potential purchasers [1] - The average transaction price for second-hand residential properties in October was 26,773 yuan per square meter, reflecting a 0.2% decrease from September and a substantial 9.0% drop from the same month last year [1] Market Trends - The decline in prices is widespread, with over 70% of neighborhoods experiencing price drops exceeding 20%, and 40% of neighborhoods seeing declines over 30% compared to market peaks [1][2] - Non-core areas such as Linping, southern Xiaoshan, and Qiantang have shown particularly pronounced price corrections, with average declines of over 20% [2] - In contrast, core improvement areas like Aoti and Shinfang have seen more moderate price reductions, with recent price trends stabilizing [2] Transaction Structure - Smaller, lower-priced properties continue to dominate the market, with the proportion of transactions for units of 90 square meters or less increasing by 0.9% compared to September [2] - The share of properties priced between 2 million and 3 million yuan has risen by 1.1%, while the share of properties priced at 8 million yuan and above has increased by 0.6% [2] Top Transactions - The top-selling property in October was the Jiangxiangyunlu in southern Xiaoshan, which sold 33 units at an average price of 16,477 yuan per square meter, marking a 14% increase in sales volume from the previous month [3] - The Fengshouhu Jiayuan, another notable property, saw a remarkable 333% increase in sales volume, with 13 units sold at an average price of 15,689 yuan per square meter [4] - The transaction rankings indicate a strong presence of affordable housing projects, with 13 out of the top 20 properties sold in October priced below 30,000 yuan per square meter [2][5]

Market Overview - The second-hand housing market in Hangzhou remains weak in October, with transaction volume, prices, and market sentiment all in a downward trend [1] - Approximately 5,900 second-hand homes were sold in the Hangzhou urban area in October, a decrease of 7.5% from September's 6,377 units and a 35.3% drop from 9,120 units in October of the previous year [1] Transaction Trends - The market has experienced a continuous decline in transaction volume for seven consecutive months since the end of the "small spring" in March [1] - In contrast to last year, when favorable policies stimulated market sentiment and led to a rebound in transaction volume, this year has seen a persistent downturn [1] Price Dynamics - The average transaction prices are also hitting new lows, particularly in older neighborhoods where prices have dropped over 40% from their peak in 2021, with a year-on-year decline of 5-10% [1] - Non-core areas like Linping, southern Xiaoshan, and Xiasha have seen prices fall by more than 30% compared to their peak [1] Buyer Behavior - The current market demand is heavily concentrated on low-priced properties, with homes priced below 2 million yuan becoming the mainstay of transactions [2] - This trend has been strengthening since the beginning of the year, indicating a structural shift in buyer preferences towards price-sensitive first-time homebuyers [2]

Core Insights - In October 2023, the second-hand housing transaction volume in Hangzhou decreased both in quantity and price, indicating a continued downward trend in the market [1] Group 1: Transaction Volume - The number of second-hand housing transactions in Hangzhou was 5,934 units in October, representing a month-on-month decline of 6.9% and a year-on-year decline of 35% [1] - This marks the seventh consecutive month of declining transaction volume, contrasting sharply with the rebound seen in October of the previous year [1] Group 2: Price Trends - The average transaction price for second-hand residential properties in Hangzhou was 26,773 yuan per square meter in October, reflecting a month-on-month decrease of 0.2% and a year-on-year decrease of 9% [1]