Core Viewpoint - The second-hand housing market is experiencing a continuous price adjustment, leading some first-time buyers to enter the market. As of September 2025, the average price of second-hand residential properties in 100 cities is 13,381 yuan per square meter, reflecting a month-on-month decline of 0.74% and a year-on-year decline of 7.38%. The prices have been falling for 41 consecutive months, with a cumulative decline of 5.79% in the first three quarters of the year [3][4][10]. Price Trends - The average price of second-hand homes in 100 cities has been on a downward trend, with a significant year-on-year decrease of 7.38% as of September 2025. The cumulative decline for the first three quarters is 5.79% [3][10]. - The second-hand housing market is under pressure due to high listing volumes, with a total of approximately 2.5842 million listings across 100 cities, indicating a growing trend [10]. Transaction Volume - In September 2025, 23 cities among key national cities saw a year-on-year increase in transaction volume. Notably, Huizhou experienced a 50.6% increase in transaction volume, with 4,594 units sold, while Xuzhou saw a 43.3% increase with 1,242 units sold [4][8]. - The overall transaction volume in Huizhou for the first half of the year was 23,007 units, marking a year-on-year increase of 14.80% [5]. Market Characteristics - The second-hand housing market is characterized by three significant trends: overall volume increase, structural differentiation, and policy-driven changes. The market is complex, primarily due to high listing volumes [10]. - The average listing duration for second-hand homes reached 95.12 days in September 2025, reflecting a year-on-year increase of 6.65%, indicating a slowdown in market circulation speed [10]. Policy Impact - Various local governments have introduced measures such as optimizing housing provident funds, offering purchase subsidies, and lowering mortgage rates to support market demand and maintain transaction volumes [9][10].

Core Viewpoint - The second-hand housing market has shown a significant decline in transaction heat since the third quarter, with a continuous month-on-month decrease in transaction area across 30 key cities, indicating a slowdown in growth momentum [1][2]. Market Performance - The transaction area of second-hand housing in 30 key cities was 17.01 million square meters in August, representing a month-on-month decrease of 9% and a year-on-year decrease of 2%. However, the cumulative transaction for the first eight months still shows a positive year-on-year growth of 9%, outperforming the new housing market, which saw a 3% decline [2]. - First-tier cities have seen a halt in the decline of transactions, with a cumulative year-on-year growth of 15% for the first eight months. Notably, Beijing and Shanghai experienced a month-on-month increase of 3% after the relaxation of purchase restrictions, with cumulative year-on-year growth exceeding 10% [2]. - Second-tier cities like Wuhan, Hefei, Kunming, and Nanning have shown strong performance, with both month-on-month and cumulative year-on-year increases in transactions [2]. Market Share Trends - The market share of second-hand housing has increased compared to 2024, with Beijing and Shanghai's second-hand housing transaction areas accounting for 77% of total transactions by August 2025, up from 73% and 75% respectively in 2024 [5]. - In the 30 key cities, only Yantai saw a significant decline in second-hand housing market share, dropping from 84% in the previous year to 50% in the first eight months of this year [5]. Buyer Behavior - The second-hand housing market is characterized by a shift towards lower-priced, smaller units, with the proportion of transactions for properties priced under 2 million yuan in Shanghai rising by 6.45 percentage points to 43.78% in August [7][8]. - The demand from first-time buyers remains strong, while the interest from upgrade buyers has decreased, particularly in the 3-6 million yuan price range [7][9]. Pricing Strategies - The market is transitioning to a buyer's market, with sellers adopting "price for volume" strategies to facilitate quicker sales, contributing to a downward trend in second-hand housing prices [9]. - The third quarter is expected to see a seasonal decline in transaction volumes, but the relaxation of purchase restrictions in key cities like Beijing and Shanghai is anticipated to gradually restore market confidence and increase transaction volumes [9].

Core Viewpoint - The second-hand housing market in major cities like Beijing, Shanghai, Shenzhen, and Hangzhou is expected to see a surge in transactions as September coincides with the end of the quarter, despite a general decline in transaction volume since Q3 2025. The market remains in a high-level oscillation phase, with low-priced, essential demand driving sales, while high-end luxury transactions stabilize [1][15]. Transaction Volume and Trends - In August 2025, the cumulative year-on-year increase in second-hand housing transactions in 30 key cities was 9%, significantly outperforming new housing transactions, which showed a decline [2][15]. - The proportion of transactions under 2 million yuan in Beijing, Shanghai, Shenzhen, and Hangzhou has increased year-on-year, indicating that essential buyers remain the primary force in the market [3][15]. Price Segmentation - The share of transactions in the low total price segment (under 2 million yuan) has increased, with Shanghai seeing 43.78% of transactions in this category, up 6.45% year-on-year. In contrast, the mid-range segment (3-6 million yuan) has seen a decline in transaction share, reflecting increased buyer hesitation [3][4][15]. - High-end demand remains stable, with luxury properties (over 50 million yuan) in Beijing, Shanghai, and Shenzhen maintaining their market share, while Hangzhou's mid-range (8-30 million yuan) transactions have increased [4][15]. Area and Size Distribution - The majority of transactions in Beijing, Shanghai, and Shenzhen are concentrated in small-sized properties (under 90 square meters), which account for over 60% of total transactions. This trend is driven by a strategy of "price for volume" as sellers aim to move inventory quickly [8][15]. - In Hangzhou, there has been a notable increase in transactions for medium to large-sized properties (100-180 square meters), catering to buyers looking for more functional living spaces [8][15]. Regional Concentration - The transaction concentration in key districts of Beijing, Shanghai, Shenzhen, and Hangzhou has increased, with notable growth in areas like Beijing's Chaoyang and Shanghai's Yangpu districts. However, the overall concentration in major districts is decreasing, indicating a shift towards suburban and core urban areas [12][15]. Market Outlook - The second-hand housing market is expected to continue its high-level oscillation, with price-driven demand from essential buyers. The market's transition to a buyer's market suggests that buyers will prioritize location, amenities, and price when making purchasing decisions, potentially extending the transaction cycle for less desirable properties [15].

Core Insights - The average listing price for second-hand homes across 65 cities has decreased to 13,409 yuan/m², indicating a downward trend in the real estate market [2][3] - The average new home price has also seen a decline, now standing at 17,716 yuan/m², reflecting a similar market sentiment [14][15] - The confidence index among real estate agents has dropped to 88.4, with a significant portion expecting prices to remain stable or decrease in the coming months [12][21] Second-Hand Housing Market - The average listing prices for second-hand homes in major cities are as follows: - Beijing: 43,947 yuan/m² - Shanghai: 49,355 yuan/m² - Shenzhen: 55,837 yuan/m² - Guangzhou: 32,488 yuan/m² - Chengdu: 13,266 yuan/m² [2][3] - The number of new listings for second-hand homes has decreased, with notable declines in cities like Beijing and Shenzhen [4][7] New Housing Market - The average new home prices in key cities are as follows: - Beijing: 54,848 yuan/m² - Shanghai: 56,267 yuan/m² - Shenzhen: 56,637 yuan/m² - Guangzhou: 32,065 yuan/m² [14][15] - The overall demand for new homes has also seen a decline, with a 0.82% drop in search activity across 65 cities [17] Market Sentiment and Expectations - Real estate agents' expectations for the second-hand housing market in August 2025 show that 40% believe prices will remain stable, while another 40% anticipate a decrease in transaction volume [12][10] - The confidence index for homebuyers is at 90.6, indicating a cautious outlook among potential buyers [21][22]

Core Viewpoint - The second-hand housing market in key cities such as Beijing, Shanghai, Shenzhen, and Hangzhou has shown resilience in transaction volume, with a notable increase in sales compared to new homes, indicating a shift in buyer preferences towards second-hand properties due to limited new supply and a focus on asset preservation and appreciation [2][26]. Group 1: Transaction Volume and Price Segments - In the first quarter of 2025, second-hand housing transactions in 30 key cities increased by over 2% year-on-year, with cities like Beijing, Shanghai, Shenzhen, and Hangzhou seeing growth rates exceeding 35% [2]. - The concentration of transactions in the low-price segment (under 500 million) remains high in Beijing, while other cities have seen a decline in concentration in this segment [4]. - The transaction volume in the price range of 500-3000 million has shown a steady increase in Shanghai, Shenzhen, and Hangzhou, indicating strong demand for high-end properties [8]. Group 2: Area and Property Type Trends - The proportion of transactions for properties over 140 square meters has increased, reflecting strong demand for larger and luxury homes in the four cities [12]. - In the 70 square meters and below segment, Beijing has seen a decline in transaction share, while Shanghai, Shenzhen, and Hangzhou have shown an upward trend, driven by policy adjustments that stimulate demand from first-time buyers [16]. - Core urban areas are seeing an increase in transaction share, with notable activity in districts such as Haidian and Dongcheng in Beijing, and Nanshan and Futian in Shenzhen [21]. Group 3: Market Dynamics and Future Outlook - The high-end and luxury segments in Shanghai, Shenzhen, and Hangzhou are experiencing a "volume and price increase" trend, with properties in hot areas showing good appreciation potential [22][24]. - Approximately half of the first-time buyer communities have stabilized in terms of pricing, indicating a potential bottoming out of prices in these segments [25]. - The overall market is transitioning from a "price for volume" strategy to a "volume increase with stable prices," suggesting a gradual recovery in the second-hand housing market [26].