随着二手房成交的波动，市场情绪也发生了一些新的转变。近日，记者在深圳市场走访时发现，一些二 手房业主的"观望"情绪越来越浓厚。在二手房房价下跌的背景下，部分业主进入"惜售"或"观望"模式。 类似的观望情绪似乎也体现在挂牌量的变化之上。克而瑞的数据显示，10月重点四城二手房新增挂牌量 稳中有降，北上广三城均呈现出同环比齐跌，深圳同比跌幅达到35%，整体业主挂牌积极性回落。二手 房挂牌结构成为洞察市场的关键，整体挂牌房源占比从9月份的"中高改、大户型"切换至"低总价、小户 型"，不同城市、不同总价与面积段的房源，正走出不同的轨迹。 "现在二手房不好卖，我打算将房子出租暂时不卖了。"家住深圳罗湖黄贝岭片区的程浩(化名)在一家房 产中介门店要求"撤盘"。他告诉记者，为了方便客户看房，自己特意将房子空置半年。尽管挂牌价已 经"自降"近20%，但仍无法卖出。"目前，房子的租金回报率接近2.5%，暂时不卖了。"程浩说。 基于当前不同城市二手房业主挂牌心态转变和各城市二手房成交结构特征，克而瑞认为，重点城市二手 房挂牌房源在10月形成了"总量回落、结构分化"的新格局。除杭州外，北京、上海和深圳挂牌积极性普 遍降温，市场供应结 ...

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 ...

Realtor.com首席经济学家Danielle Hale表示，随着抵押贷款利率回落、季节性购房竞争减弱，买家获得 一定优势；但住房可负担性仍是限制交易量回升的核心问题，使得总体销售仍处于历史较低水平。 智通财经APP获悉，美国10月的二手房销售在抵押贷款利率短暂下行的带动下出现改善，但分析人士警 告，这波回暖可能难以维持。美国全国房地产经纪人协会(NAR)数据显示，经季调后，10月二手房销售 年化销量达到410万套，环比增长1.2%，同比增长 1.7%。 此次数据显示的是已完成交易的房屋，因此大多对应8月至9月间签署的购房合同。在这一时期，30年期 固定抵押贷款平均利率先降后升：8月初为6.63%，9月中旬一度降至6.13%的低点，但月底又回升至 6.37%。目前利率约为6.36%。虽然10月开始的美国政府关门不会影响合同签署，部分涉及洪水保险或 政府担保贷款的成交可能受到影响。 库存方面，10月待售房源下降至152万套，环比下降0.7%，但仍比去年同期高近11%。按当前销售速 度，市场仅有4.4个月库存，供应依旧偏紧。也因此，房价持续攀升。10月美国二手房中位售价达到 41.52万美元，同比上涨2.1% ...

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]

Market Analysis - The Beijing second-hand housing market has shown significant fluctuations, with a recent weekly transaction of 3,262 units, a week-on-week increase of 46.5%, but still down 12.6% compared to mid-September [4][5] - The Shanghai second-hand housing market has experienced a notable recovery, with transactions reaching 6,588 units during the week of October 20-26, marking a 47.6% increase week-on-week, the highest in six weeks [8][10] - The Shenzhen second-hand housing market has also shown a rebound, with transactions of 1,182 units, up 21% week-on-week, continuing a trend of recovery after a significant drop during the National Day holiday [13][15] - The Hangzhou second-hand housing market has seen a moderate recovery, with 1,284 units sold, a 5% increase week-on-week, indicating a return to normal transaction levels [18][20] - The Chengdu second-hand housing market has shown significant volatility, with transactions of 4,213 units, a week-on-week increase of 36.2%, recovering from a sharp decline during the holiday [23][25] - The Ningbo second-hand housing market has experienced a notable rebound, with 2,776 units sold, a 21.1% increase week-on-week, indicating a recovery from previous low transaction levels [28][30] - The Dongguan second-hand housing market has shown a significant recovery, with transactions of 845 units, a 61.3% increase week-on-week, reflecting a strong rebound after a low point during the holiday [33][35]

Core Insights - The real estate market is entering a new cycle with a significant increase in second-hand housing listings, necessitating a fresh strategy for sellers to successfully sell their properties [1] Group 1: Pricing Strategies - Many sellers mistakenly pursue the "highest price" based on historical sales, leading to prolonged listings without interest. A more effective approach is the "gradient pricing method," where properties are listed at about 5% below market value to attract initial buyers, potentially resulting in multiple offers within 1-2 weeks and a final sale price exceeding expectations [3] Group 2: Buyer Experience - The younger generation, particularly Gen Z, is becoming the primary force in home buying, with 90% of buyers utilizing VR tours and short videos to filter listings. Investing a budget of around a thousand yuan for professional immersive video tours can significantly increase inquiries, with such listings averaging three times more interest than standard ones [4] Group 3: Agency Collaboration - The traditional model of listing with multiple agencies often leads to price competition among agents. A more effective strategy is the "exclusive commission + bonus" model, where sellers sign short-term exclusive agreements with top agencies and set a sales target slightly above market price, incentivizing agents with bonuses for achieving these goals [5] Group 4: Creating Scarcity - Sellers can create a sense of urgency by scheduling viewings during peak times, using phrases like "owner has already secured a new home" or "only accepting buyers who can sign within a week" in listings, and strategically revealing competing offers to interested buyers [7] Group 5: Legal Value Additions - Organizing essential documents such as renovation contracts, property payment records, and school district eligibility can significantly reduce buyer decision-making time. Properties with complete documentation see an average sales cycle reduction of 40% [7] Group 6: Innovative Selling Trends - Some sellers are experimenting with virtual open houses on VR platforms, allowing overseas buyers to view properties remotely. While still niche, this innovative approach can generate buzz and enhance the property's marketability [8] - The second-hand housing market has shifted from a focus on location to a comprehensive value comparison, with successful sellers treating the selling process as a targeted marketing campaign. The key to quick sales lies not in price reduction but in redefining the property's value presentation [8]

Core Insights - The National Association of Realtors (NAR) reported a 1.5% month-over-month increase in existing home sales for September, with an annualized sales pace of 4.06 million units, driven by a decline in mortgage rates and improved housing affordability [1][2] - Inventory levels have returned to near five-year highs, with approximately 1.55 million homes for sale, a 1.3% increase from August and a 14% increase year-over-year, although still below pre-pandemic levels [1][2] - The median sales price for existing homes rose to $415,200, marking a 2.1% year-over-year increase and the 27th consecutive month of price growth [1][2] Sales by Property Type - Detached home sales were annualized at 3.69 million units, up 1.7% month-over-month and 4.5% year-over-year, with a median price of $420,700, reflecting a 2.3% increase [2] - Condominium and co-op sales remained stable at an annualized rate of 370,000 units, with a median price of $360,300, showing a slight decline of 0.6% year-over-year [2] Regional Performance - The Northeast region saw annualized sales of 490,000 units, a 2.1% increase month-over-month and a 4.3% increase year-over-year, with a median price of $500,300, up 4.1% [2] - The Midwest experienced a decline in sales to 940,000 units, down 2.1% month-over-month but up 2.2% year-over-year, with a median price of $320,800, reflecting a 4.7% increase [2] - The South reported annualized sales of 1.86 million units, a 1.6% increase month-over-month and a 6.9% increase year-over-year, with a median price of $364,500, up 1.2% [2] - The West region had annualized sales of 770,000 units, a significant 5.5% increase month-over-month but flat year-over-year, with a median price of $619,100, showing a slight increase of 0.4% [2] Market Dynamics - The median time from listing to sale increased to 33 days, up from 31 days last month and 28 days last year [2] - First-time homebuyers accounted for 30% of sales, up from 28% in July and 26% year-over-year, while cash transactions rose to 30% [2] - The share of investors and second-home buyers decreased to 15%, down from 21% last month and 16% year-over-year [2] Financing Conditions - The average 30-year fixed mortgage rate was 6.35% in September, down from 6.59% in August but higher than 6.18% a year ago, which may support sales momentum in the fourth quarter [3]