Investment Rating - The report indicates a continued adjustment in the second-hand housing market, with a focus on structural changes and a buyer-dominated market, suggesting a cautious investment outlook for the sector [10][12]. Core Insights - The second-hand housing market is in a phase of bottoming out and waiting for recovery, with significant structural changes across key dimensions. Supply and demand dynamics are showing contrasting trends, with new first-tier and second-tier cities driving supply growth, while demand in high-tier cities remains weak [10][12]. - The liquidity and price adjustments are ongoing, with a general trend of prolonged listing durations and price declines across all city tiers. The report highlights that the second-tier cities are under the most pressure, while core cities exhibit stronger resilience against price drops [10][12]. - Policy measures are being tailored to different cities, with first-tier cities shifting focus from stabilizing second-hand transactions to enhancing new housing market activity through various supportive measures [11][12]. Summary by Sections 1. Second-hand Housing Listing Volume - In January 2026, the total listing volume for second-hand housing reached 2.56 million units, showing a typical hierarchical distribution where higher-tier cities have larger listing volumes. The growth rate is uneven, with new first-tier and second-tier cities leading in supply increases [14][15]. - The year-on-year growth rates for new first-tier and second-tier cities are 7.19% and 7.47%, respectively, while third and fourth-tier cities experienced a decline of 2.40% [16]. 2. Housing Search Heat Index - The search heat index for second-hand housing shows significant differentiation, with third and fourth-tier cities having the highest heat index at 71.26, while first-tier cities lag behind at 64.67. All city tiers show positive year-on-year growth, but the growth rates vary significantly [25][26]. 3. Listing Duration - The average listing duration for second-hand housing in January 2026 was 96.5 days, with first-tier cities experiencing the longest durations at 108.7 days. The report notes that the liquidity is generally declining, with significant differences in listing durations across city tiers [34][36]. 4. Average Listing Price - The average listing price for second-hand housing continues to decline, with all city tiers experiencing price drops between 5% and 16%. The largest decline is observed in second-tier cities at -10.52%, while first-tier cities show a smaller decline of -8.82% [42][43].

一线城市二手房市场走出独立行情。 "淡季不淡"，一线城市的二手房市场正走出独立行情。 在刚过去的1月份，北京二手房网签量超过1.5万套，已连续三个月稳定在1.4万套以上；上海二手房连续三个月成交超2.2万套；深圳二手房共计录得6802 套，创近10个月新高；广州二手住宅网签8881套，市场韧性同样较强。 京沪：成交攀升挂牌下滑 北京、上海两大一线城市的二手房市场，正悄然出现相似特征：成交攀升、挂牌下滑。 在1月传统楼市"淡季"，北上广深二手房成交集体回温，释放出什么信号？ 业内专家认为，市场经历四年半调整后，房价水平正趋向"友好"，二手房进入探底阶段。房地产市场的"小阳春"行情正提前显现，二手房市场率先回暖，核 心韧性凸显，春节后挂牌量的变化，将成为观察供需关系的关键窗口。 ■ ■ FOR TE BEARD 1 st - 15 12 - 12 - F H FLE FAR THE WANT E 9 KE STERLY F S IN 120 - 12 - 1 E 型 Hotel Ho =0991 = 91 = D D ITE TT - 1 T - THE FEE THE LE E 型 - E Ti BUT IS ...

我们统计了贝壳近一年成交及带看情况，结果发现成交周期最快的十个小区平均24.4天就成交一套房，带看量前十的小区中仅4个小区进入成交榜前三 十，成交套数靠前的小区平均租售比已达2.34%。 上海二手房成交总量的稳定，代表了上海市场需求的稳定，随着供求关系的进一步调整优化，上海将有望率先筑底回升。 01 2025年重点城市二手房表现出色，其中上海无论面积还是金额都高居首位。 进入2026年，上海二手房市场延续增长态势，网上房地产数据显示，截至1月21日，上海二手房（含商业）网签成交量已突破14000套。 同时，根据上海链家平台的数据，该机构二手房库存挂牌量连续9个月下降。 一方面是成交量保持高位，另外一方面是挂牌量的下降，这是市场自我筑底的信号。 2025年重点城市二手房市场的表现非常出色，30城成交总量2.14亿平方米，创2021年至今新高。2021年新房市场达到历年成交规模最高点的时候，30城二 手房成交总量仅1.7亿平方米。 从30个重点城市一二手住宅成交面积占比来看，2025年二手房成交占比达70%。 二手房成交总量的稳定代表了房地产市场需求的稳定，从这一点来看，现在不是没有人买房，而是大部分都在观望。 ...

Group 1 - The average price of 58,848 yuan is perceived as unappealing, with a significant number of listings in Pudong, totaling 90,784 units, indicating a stagnant market where buyers are only interested in the cheapest options [1] - First-time homebuyers have become highly sought after, with agents actively promoting properties, yet the inventory of homes priced below 3 million yuan continues to rise, resembling a buffet of unsold items [3] - Homeowners with multiple properties are facing challenges, as selling older units only provides enough funds for low-quality replacements, while rental agencies are aggressively discounting commissions amid a high inventory of new homes [4] Group 2 - The rental yield for older properties is low at 4%, leading to a perception of these homes as undesirable, with potential buyers questioning the viability of long-term loans [6] - The Shanghai secondary housing market is experiencing a structural shift, with first-time buyers hesitant to act, existing homeowners unable to move due to contractual obligations, and investors remaining inactive despite low rental yields [7]

Core Insights - The myth of "Golden September and Silver October" in the real estate market has been debunked, with data indicating that this trend has been diminishing since 2016 when policies tightened [1] - The report emphasizes that the peak months for real estate transactions are now primarily in March and April, with January often seeing significant policy changes [1] Market Performance - The October 2025 second-hand housing market in Shenzhen experienced a decline in both transaction volume and prices compared to September 2025 [12] - Properties priced between 3 million to 5 million yuan dominated the market, while prices for properties in the 2 million to 3 million yuan range fell by 11% [12][13] - The area of Pingshan saw the largest drop in transaction volume at 21%, while the district of Guangming experienced the most significant price decline at 13% [12][13] Transaction Data - The highest transaction volume was recorded in the Buji area, while the community of Guanshan Shengyuan had the highest number of transactions among individual communities [12][14] - Specific transaction volumes and prices for various districts were reported, with notable figures such as 219 units sold in Longgang at an average price of 40,224 yuan/m² [13]

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].