The real estate market’s “Silver Ten” comes to an end: Second-hand residential transactions in key 18 cities increased by 17.5% year-on-year, and Shanghai hit a new high for the same period in six years

The “Silver Ten” period has come to an end, and the property markets in various regions are showing a differentiated and repairing pattern. Among them, second-hand housing transactions in hotspot cities remained resilient and hit a new high for the same period; sales in 100 cities declined year-on-year in the uneven new housing market, but first-tier cities have maintained overall growth since the second quarter.

Second-hand housing transactions in core cities remain resilient

Monitoring data from the China Index Research Institute shows that the activity of the second-hand housing market continues to run at a high level, with 116,000 second-hand housing sales in key 18 cities, a year-on-year increase of 17.5%. Judging from cumulative data, from January to October, 1.23 million second-hand residential units were sold in key 18 cities, a year-on-year increase of 7.3%.

In terms of cities, as the demand-side policy effects continue to take effect, the second-hand housing market in core cities such as Beijing, Shanghai, and Shenzhen has maintained a high level of activity year-on-year.

According to statistics from the official website of the Beijing Municipal Housing and Urban-Rural Development Commission, Beijing Lianjia Research Institute showed that in October, the number of second-hand housing online signings in Beijing was 13,081 units. Although it fell by 17% month-on-month, it increased by 8.2% year-on-year.

Leng Hui, an analyst at Beijing Lianjia Research Institute, pointed out that the month-on-month decrease in the number of online signatures was mainly affected by statistical factors. The number of working days in October was less than in normal months, and the month-on-month decrease in the number of online signatures is normal. In fact, the popularity of the second-hand housing market in October increased compared with September, and the actual number of Lianjia contracts signed increased slightly month-on-month.

If the cycle is lengthened, according to statistics from the Centaline Real Estate Research Institute, a total of 150,344 second-hand housing units were signed online in Beijing in the first ten months of this year, an increase of 5.4% over the same period last year. Zhang Dawei, chief analyst of Centaline Real Estate, believes that single-month data fluctuations cannot conceal the overall trend. The overall transaction volume of second-hand housing in Beijing is higher than last year.

In terms of price, data from the Beijing Lianjia Research Institute shows that Beijing’s second-hand residential transaction prices were generally stable in October, with transaction prices in most urban areas remaining stable or slightly fluctuating.

Shanghai delivered a report card of “increased year-on-month”. Data disclosed by the Shanghai Housing Authority shows that in October, Shanghai’s second-hand housing transactions were 22,300 units, an increase of 6% month-on-month and a year-on-year increase of 34%, setting a new high for the same period in the past six years. Since November last year, excluding February during the Spring Festival holiday, the monthly transaction volume of second-hand houses in Shanghai has stabilized at more than 20,000 units for one consecutive year, and the single-month transaction volume has maintained positive growth year-on-year for eight consecutive months. Transactions are particularly active on weekends, with an average daily transaction volume of about 1,300 units, a 15% increase from the average daily transaction volume on weekends in September.

The total number of listings also entered a downward channel. Since October 2025, the total number of second-hand housing listings in Shanghai has shown a downward trend. As of the end of October this year, it was approximately 166,000 units, 42,000 units less than the highest value in September last year.

Monitoring data from the Shanghai Lianjia Research Institute also shows that Shanghai’s second-hand housing transactions have achieved steady growth in volume and price, with a solid bottom. Rigid demand was at the bottom in October, and the proportion of listings with a value of less than 3 million rebounded; the listing sales cycle accelerated, with the average transaction cycle of 78.1 days, the lowest in the past three years.

Shenzhen’s second-hand housing market remains stable based on the “Golden Nine” high level. Monitoring data from the Le Youjia Research Center shows that 4,361 second-hand housing units were signed online in Shenzhen in October, down 2% month-on-month and up 4% year-on-year. The continuous positive growth year-on-year shows that the basic demand is relatively solid.

In terms of transaction structure, the Shenzhen property market’s rigid demand support characteristics were further strengthened in October: the proportion of transactions in the total price segment below 3 million has remained stable at more than 31% for two consecutive months; the proportion of transactions in the 3-5 million range accounted for 31.3%, a significant increase of 1.3 percentage points month-on-month. The proportion of sales above 15 million fell by 0.5 percentage point, and the proportion of high-price segments fell slightly.

In terms of price, the increase in the proportion of mid-to-low-price housing stock has structurally lowered the average price. In October, the average transaction price of second-hand residential properties in Shenzhen was 56,400 yuan/square meter, down 3.3% month-on-month.

Frontline improvement projects continue to develop