Core Insights - The new policies have had a limited impact on the second-hand housing market compared to new homes, with overall transaction volumes showing little change before and after the policy implementation [1][18]. Group 1: New Housing Market Performance - After the implementation of new policies in August and September 2025, weekly transaction volumes for new homes in Beijing and Shanghai initially increased, while Shenzhen's new home sales remained stable, showing no significant change compared to pre-policy levels [4][5]. - In October, Shanghai's weekly transaction volume decreased by 17% compared to September, and was down 8% compared to the average weekly volume from July. Beijing's market remained relatively stable, with a slight increase of 3% from September and a minor decrease of 1% from July. Shenzhen maintained its momentum from September, with transaction volumes remaining flat compared to the previous month, reflecting a 25% increase from August [5][7]. Group 2: Project Absorption Rates - The absorption rates for new projects in Beijing, Shanghai, and Shenzhen have shown a downward trend post-policy implementation, with Shanghai and Shenzhen's rates declining to 36% and 21% respectively by late October. In contrast, Beijing experienced a temporary spike in absorption rates due to the launch of desirable projects in September [8][9]. Group 3: Second-Hand Housing Market Dynamics - The impact of the new policies on the second-hand housing market has been more pronounced, with weekly transaction volumes in October showing a decline compared to September across Beijing, Shanghai, and Shenzhen. This decline indicates a return to levels seen before the new policies were enacted [13][14]. - Specifically, the average weekly transaction volumes for second-hand homes in October were down 31% in Beijing, 16% in Shanghai, and 15% in Shenzhen compared to September [16][18]. Group 4: Market Outlook - The overall market for new homes in key cities like Beijing and Shanghai has seen some short-term benefits from the new policies, but the long-term effects have not met expectations, with transaction volumes reverting to pre-policy levels by October. The second-hand market is particularly struggling, with prices continuing to decline and a trend of price adjustments for less desirable properties [18].

随着传统销售旺季"金九"落下帷幕，北京楼市正式步入"银十"。其成交表现如何？从网签成交量来看， 根据中指研究院数据，9月北京新建商品住宅成交46万平方米，环比增长21%，同比增长22%；二手房 成交1.6万套，环比增长19%，同比增长19%。 值得关注的是，9月份北京新房市场同步迎来供应高峰，中建 运河玖院、璞樾、紫京宸园等位于热点区 域的重点项目集中取证入市，不仅补充了优质房源，更有效带动了市场热度，为"银十"楼市开局铺垫了 基础。 供应"发力"，9月新房供应量环比翻倍 供应端的"放量"是推动9月市场的核心动力。 作为房企推盘销售的传统关键节点，今年"金九"北京楼市的核心特征是供应发力，进而带动成交数据回 暖，热点项目尤其是改善型楼盘成为市场亮点。 据克而瑞北京统计，进入9月份，北京多个新房项目取证、加推、开盘，其中不乏炙手可热的网红盘。 截至9月27日，北京9月份新建商品住宅供应已经超过3000套，环比8月几乎翻倍。 克而瑞北京表示，进入三季度，北京市新建商品住宅供应收缩，7月新增供应量不足1500套，环比、同 比分别下跌55%和48%；8月新增供应也仅1516套；9月超过3000套的市场供应，打破了新房 ...