Core Insights - The second-hand housing market is facing increasing pressure, with a significant rise in the number of listings and a decline in buyer enthusiasm [3][4][8] - The number of second-hand homes listed in 100 major cities has exceeded 2.718 million, a year-on-year increase of 15.8%, particularly pronounced in third and fourth-tier cities with a 21.9% increase [3][4] - Despite rising transaction volumes in May, the inventory of listed homes continues to grow, indicating a surplus of sellers compared to buyers, leading to price declines across all major cities [4][5] Market Dynamics - In May, transaction volumes in cities like Beijing, Shanghai, Guangzhou, and Shenzhen increased by 6.7%, 15%, 17.73%, and 18.3% respectively, yet this did not alleviate the inventory pressure [4][5] - The average time to sell a second-hand home has increased to 89.4 days, a 7.6% year-on-year rise, with first-tier cities averaging 103 days [4][5] - The market is characterized by a standoff between sellers unwilling to lower prices and buyers who are hesitant to purchase, leading to a protracted negotiation process [5][6] Regulatory Impact - New regulations from the Ministry of Housing and Urban-Rural Development (MHURD) are set to elevate standards for new residential projects, making them more competitive against older second-hand homes [6][9] - The new standards include requirements for ceiling heights of at least 3 meters and the integration of smart home systems, which older properties often lack [6][9] Future Outlook - The pressure on the second-hand market is expected to intensify, particularly for older properties in less desirable locations, with predictions of a "price crash" affecting 2.3 million second-hand homes by late 2025 [9][10] - The market may continue to experience a trend of "price for volume" as sellers adjust to the changing landscape, with only high-quality properties in prime locations likely to maintain their value [10][11]

Group 1: Second-hand Housing Listing Volume - In May 2025, the listing volume of second-hand houses in 100 cities reached 2.718 million units, a year-on-year increase of 15.8% [1] - The increase in listing volume by city tier: first-tier cities up by 13.1%, new first-tier cities up by 14.5%, second-tier cities up by 15.4%, and third and fourth-tier cities up by 21.9% [1] - Notable changes in specific cities: Shenzhen had the highest increase among first-tier cities, while Shanghai had the lowest; Chengdu led new first-tier cities, while Suzhou saw a decrease [3][5] Group 2: Second-hand Housing Search Heat Index - The search heat index for second-hand houses in 100 cities was 62.6 in May 2025, down 10.6% year-on-year [7] - The decline in search heat index by city tier: first-tier cities down 11.0%, new first-tier cities down 11.7%, second-tier cities down 11.2%, and third and fourth-tier cities down 9.9% [7] - Specific city changes: Shenzhen experienced the largest decline among first-tier cities, while Beijing had the smallest; in new first-tier cities, Hangzhou saw the largest drop [9][11] Group 3: Second-hand Housing Listing Duration - The average listing duration for second-hand houses in 100 cities was 89.4 days in May 2025, an increase of 7.6% year-on-year [13] - By city tier, first-tier cities had an average duration of 103.0 days (up 9.6%), new first-tier cities 87.1 days (up 9.9%), second-tier cities 83.9 days (up 5.7%), and third and fourth-tier cities 92.3 days (up 7.9%) [13] - Notable changes in specific cities: Shanghai had the largest increase in listing duration among first-tier cities, while Beijing saw a decrease [15][17] Group 4: Second-hand Housing Average Listing Price - The average listing price for second-hand houses in 100 cities was 12,389 yuan per square meter in May 2025, down 9.0% year-on-year [19] - Average prices by city tier: first-tier cities at 48,544 yuan (down 7.8%), new first-tier cities at 16,931 yuan (down 10.2%), second-tier cities at 12,451 yuan (down 10.2%), and third and fourth-tier cities at 8,094 yuan (down 8.6%) [19] - Specific city price changes: Shanghai had the largest price drop among first-tier cities, while Shenzhen had the smallest [21][23]

二手房市场再降温，5月，杭州十区共成交二手房7716套，环比4月的9421下滑18.1%，也不及去年的5月的8254套，同 比下滑6.5%。 除了成交量下滑以外，改善退潮也是5月二手房市场的特点之一。根据杭州贝壳研究院的数据，总价400万元以上的房 源，5月成交占比环比4月均有所下滑，其中500万元-800万元的价位段成交占比下滑最多，为1.6个百分点。总价400万 元以下的刚需二手房，成交占比有所提升。 市场改善需求退潮 刚需成交占比提升 5月，杭州二手住宅签约均价为28833元/㎡，环比4月的29634下滑了2.7%。而去年5月，杭州二手住宅的签约均价为 29032元/㎡，今年同比仅下滑了0.7%。其中的差异在于，今年以来，二手房市场改善需求明显迸发，尤其是3月、4 月，热门成交楼盘大多集中在总价在500万元以上的中高端改善小区，如申花、钱江世纪城等地的次新房。 潮新闻客户端 记者 吴佳怡 改善退潮，刚需成交占比提升，市场仍保持着相对的活跃度。总价在200万元以内的二手房，5月成交占比环比提升了 0.9个百分点；200-300万元的二手房，成交占比提升1个百分点。成交前10的小区中，9个小区的成交均价在4 ...

全美房地产经纪人协会（NAR）首席经济学家劳伦斯·云（Lawrence Yun）：目前的美国二手房市场"全 靠抵押贷款利率"。 降低抵押贷款利率对于吸引购房者重返房地产市场至关重要。 尽管房屋库存增加，但我们并没有看到房屋销售增加。 ...

根据中国房地产指数系统百城价格指数，2025年4月，百城二手住宅均价环比下跌0.69%，同比下跌7.23%，同比跌幅小幅收窄0.06个百分点;十大城市二手住 宅均价环比下跌0.43%，同比下跌5.69%，同比跌幅收窄0.44个百分点。 各城市来看，4月十大城市二手房价格同环比均下跌，武汉、南京跌幅较大。具体来看，环比方面，南京和武汉环比跌幅分别为1.08%、0.97%;广州、重庆 (主城区)、北京、天津、上海和杭州环比跌幅均在0.3%(含)-0.5%之间;深圳和成都二手住宅价格环比跌幅均在0.3%以内，其中成都跌幅最小，为0.06%。同比 方面，武汉和南京同比跌幅分别为9.85%、9.61%;重庆(主城区)、杭州、天津、北京、上海和广州同比跌幅均在5%-7%之间;成都和深圳同比跌幅则均在3%以 内，其中深圳跌幅最小，为2.88%。 图: 2025年4月十大城市二手住宅挂牌均价及 ::: 2025年4月十大城市二手房价格地图 57 21 17408元/m' · 10.06% l 2.98% 重庆 11714元/m 10.49% 16.59% E 12 14883元/㎡® 10.97% 19.85% 22 M . ...

国家统计局：上海4月二手住宅价格环比+0.1%（前值+0.4%），同比-0.6%（前值-1.4%）。 ...

国家统计局：广州4月二手住宅价格环比0%（前值-0.2%），同比-7.4%（前值-8.7%）。 ...

| 城市 | 环比 | 同比 | 1-4月平均 | | | 环比 | 同比 | 1-4月平均 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 上年同 | 上年同 | | 城市 | | 上年同 | 上年同 | | | 上月=100 | 月=100 | 期=100 | | | 上月=100 | 月=100 | 期=100 | | 京 | 99.4 | 99.0 | 97.5 | 唐 | ш | 99.3 | 88.8 | 88.7 | | 津 | 99.8 | 96.3 | 95.1 | 출 | 토 집 | 99.2 | 89.6 | 89.4 | | 石 家 庄 | 99.7 | 93.4 | 93.0 | 包 | ਜੇੱ | 99.8 | 89.9 | 89.4 | | 太 原 | 99.4 | 94.8 | 95.3 | ਜੋ | 东 | 100.1 | 91.4 | 90.1 | | 呼和浩特 | 99.5 | 89.5 | 89.0 | 锦 | ਅ | 99.4 | 92.1 | 91.6 | | 日 | 99.5 | 94 ...

Group 1 - The core viewpoint indicates that the second-hand housing market in Shanghai maintained a high level of activity in April, with daily online signing volumes exceeding 1,000 units on multiple weekends, peaking at 1,419 units on April 26 [1] - In April, a total of 20,385 second-hand residential transactions were recorded, representing a month-on-month decrease of 22.5% but a year-on-year increase of 29.6%. Cumulatively, from January to April, the year-on-year growth reached 42.2% [1] - In terms of pricing, the average price of second-hand residential properties in Shanghai fell by 0.32% month-on-month and decreased by 5.63% year-on-year, marking the seventh consecutive month of narrowing year-on-year decline [1]

北京二手房市场分析 数据周期：2025-01-13 至 2025-04-27（共15周） 图源：58安居客研究院 上海二手房市场分析 数据周期：2025-01-13 至 2025-04-27（共15周） 01 图源：58安居客研究院 图源：58安居客研究院 市场分析 北京二手房市场近期呈现波动调整态势。最近6周（3.17-4.27）成交量先升后降，第12周（4.7-13）受假期影响骤降至2619套后逐步回升，最新周度（4.21- 27）成交3640套，环比微降0.8%，但成交面积反增0.2%。值得注意的是套均面积持续攀升，从90㎡增至93㎡/套，显示改善型需求占比提升。当前市场处 于节后修复期，成交量能尚未完全恢复，但大户型交易活跃度提升或预示市场结构正在调整。 最新完整周度数据（2025-04-21至2025-04-27）：成交套数：3640套（周环比：-0.8%）；成交面积：339937.49㎡（周环比：+0.2%）；套均面积：93.0㎡/ 套；近四周平均成交：3872套/周。 02 最新完整周度数据（2025-04-21至2025-04-27）：成交套数：6177套（周环比：-0.1%）；成交面积：50 ...