（原标题：中指研究院：短期重点城市二手住宅价格或延续调整态势） 智通财经APP获悉，中指研究院表示，今年前10月，重点城市二手住宅累计成交量普遍保持小幅增长态 势，10月市场活跃度有所下降。预计11月二手住宅成交量环比将有所修复，但去年高基数下同比仍面临 一定压力，短期价格或延续调整态势。 政策层面，10月28日，《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》正式发布， 《建议》在民生保障与共同富裕章节明确提出要"推动房地产高质量发展"，并部署构建房地产发展新模 式、优化保障房供给、因城施策增加改善性住房供给、建设"好房子"、建立房屋全生命周期安全管理制 度等五大任务。同时，《建议》在大力提振消费中提出要清理汽车、住房等消费不合理限制性措施。此 外，随着城市发展进入存量提质增效阶段，《意见》在新型城镇化部分再次强调要"大力实施城市更 新"，而盘活用好低效用地、闲置房产等也成为完善要素市场化配置重要内容。 地方层面，10月，多地针对"好房子"建设落地优化政策，成都发文对建筑设计规划、计容规则等进行规 范；深圳发文稳妥推进《住宅项目规范》实施，报批建筑高度超80米的住宅项目需征求消防救援部门意 见； ...

Core Insights - The average price of second-hand residential properties in 100 cities in September 2025 is 13,381 yuan per square meter, showing a month-on-month decline of 0.74% and a year-on-year decline of 7.38% [1][3] - The trading activity of second-hand houses in key cities has significantly rebounded, but prices continue to face downward pressure due to high listing volumes [1] - The cumulative decline in second-hand housing prices in the third quarter is 2.26%, which is an increase of 0.14 percentage points compared to the second quarter [1] Price Trends - In September, the second-hand housing prices in first-tier, second-tier, and third-fourth tier cities decreased by 0.60%, 0.87%, and 0.68% respectively, compared to the previous month [1] - From January to September, the cumulative price declines for first-tier, second-tier, and third-fourth tier cities are 3.64%, 6.47%, and 5.96% respectively [1] City-Specific Data - In September, the top ten cities saw a month-on-month price decline of 0.67%, with Wuhan, Tianjin, and Nanjing experiencing the largest declines of 1.18%, 1.11%, and 1.05% respectively [3][5] - Year-on-year, Wuhan and Nanjing had significant declines of 9.69% and 9.52%, while cities like Shenzhen and Chengdu had declines of less than 3% [3][5] Transaction Activity - In September, the number of transactions in key cities showed a year-on-year increase, with cities like Huizhou and Xuzhou seeing increases of 50.6% and 43.3% respectively [6][7] - Shanghai recorded 17,742 transactions, marking a 43.1% year-on-year increase, while cities like Chengdu and Nanjing also showed notable transaction growth [6][7]

Core Viewpoint - The Hong Kong property market is experiencing improved trading activity, particularly in the secondary market for Home Ownership Scheme (HOS) flats, driven by favorable factors such as lower interbank interest rates [1][3]. Group 1: Market Activity - In July, there were 452 registrations of secondary HOS flat transactions, a 9% increase from 414 in June [1]. - The total transaction value for the same period was approximately HKD 1.766 billion, reflecting a 13% increase from HKD 1.569 billion in the previous month [1]. Group 2: Pricing Trends - The average price of secondary HOS flats in July was about HKD 3.907 million, up 3.1% from HKD 3.790 million in June, marking a new high for the year [3]. - Notable transactions included a high-floor unit in Tai Wai's Fu Ka Garden sold for HKD 7.598 million, translating to an average price of HKD 13,033 per square foot [3]. Group 3: Transaction Volume by Price Segment - The highest increase in transaction volume was seen in the segment of flats priced at HKD 6 million or above, with 18 registrations in July, an 80% increase [3]. - The most active price segment remained those priced between HKD 3 million and HKD 4 million, with 197 registrations, a nearly 20% increase from June [3]. Group 4: Regional Performance - In July, Kowloon recorded 114 registrations, a slight decrease of 2% from the previous month, while Hong Kong Island saw a 2% increase to 47 registrations [3]. - The New Territories had the most significant increase, with 291 registrations, up 15% from the previous month [3]. Group 5: Popular Developments - The most popular development in July was Regal Garden in Kowloon Bay, which saw a 1.83 times increase in registrations, totaling 17 transactions [4]. - Other notable developments included Long Poon Court, Yu Chui Court, and Ching Wah Court, each with 10 transactions, with significant increases in their transaction values [4]. Group 6: Future Outlook - The ongoing "HOS 2024" selection period may divert some buyers from the secondary market, potentially leading to a slight decrease in registrations in August, estimated at around 430 [4]. - However, as the new HOS selection concludes, it is expected that demand from first-time buyers will gradually return to the secondary market [4].

Core Viewpoint - The article discusses the current state of the second-hand housing market in Shanghai, highlighting a significant increase in the number of landlords reducing prices, indicating a shift in market sentiment and the challenges faced by sellers in achieving sales at desired prices [3][4][12]. Group 1: Market Data Analysis - Recent second-hand transaction data shows a total of 19,000 units sold, which is considered a relatively good figure compared to the past five years, yet it does not evoke strong market enthusiasm [3][4]. - In May, among 110,000 listings, 76% of landlords kept their prices unchanged, 22% reduced prices, and less than 1% increased prices, resulting in an average price adjustment of -3.86% [9][11]. - The increase in landlords reducing prices began in January, reflecting a growing concern about market downturns and a shift in sentiment since the new policies introduced in September [14][12]. Group 2: Pricing Strategies - To sell properties, sellers may need to reduce their asking prices significantly; for example, properties that were initially listed at 5 million yuan may require a reduction of 12.1% to achieve a sale [19][20]. - The average price reduction for properties that eventually sold was -6.1%, indicating that sellers must be prepared for substantial negotiations [18][19]. - For properties priced below 5 million yuan, a strategy of small, frequent price adjustments is recommended to attract buyers without significantly impacting the overall price [29][27]. Group 3: Market Sentiment and Future Outlook - The article emphasizes that despite recent positive transaction data, the overall market sentiment remains subdued, with a need for careful planning based on individual circumstances and market conditions [36]. - The demand for second-hand market data has increased among real estate companies and consulting firms, reflecting a broader interest in understanding market dynamics [36].

Core Viewpoint - The second-hand housing market in major cities like Beijing, Shanghai, Shenzhen, and Hangzhou is experiencing a slight decline in transaction enthusiasm, with a 6% month-on-month decrease in April 2025, while year-on-year growth has narrowed to 10% [2][3]. Group 1: Market Trends - The number of new listings in major cities showed a significant decrease in April 2025, with Beijing and Shanghai seeing increases of 17% and 60% respectively, while Shenzhen and Hangzhou experienced declines of 7% and 29% [3]. - High-end properties in Beijing, Shanghai, and Hangzhou have seen a steady increase in listing activity, particularly in the price segments above 30 million yuan, which reached a peak since the beginning of 2025 [3][4]. - The listing activity for larger properties (over 160 square meters) remains stable or slightly increasing in Beijing, Shanghai, and Hangzhou, while Shenzhen shows a notable decline in this segment [4]. Group 2: Owner and Investor Sentiment - The trade war and economic slowdown have shifted owner and investor mindsets, leading to a rise in short-term listings due to three main factors: a desire to cash out at high prices, a need for liquidity to optimize asset allocation, and a trend of upgrading to new properties [10]. - The demand for high-end and improved housing remains robust, with the proportion of transactions over 10 million yuan increasing in Beijing, Shanghai, and Shenzhen, indicating a preference for quality assets amidst limited new supply [12][13]. Group 3: Price Stability and Investment Recommendations - The price stability of high-end properties in core urban areas is evident, with price fluctuations remaining within 10%, and a significant percentage of properties in Shanghai and Shenzhen showing price increases [17]. - Investors are advised to focus on core urban areas, select larger improved housing products, and avoid properties in suburban areas or those lacking functional amenities to mitigate risks in the current market environment [21][23].