Urban Research Institute: Short-term focus on second-hand housing prices in key cities may continue to adjust.

The China Real Estate Research Institute stated that from January to October of this year, the cumulative transaction volume of second-hand homes in key cities generally maintained a slight growth trend, but market activity decreased in October. It is expected that the transaction volume of second-hand homes in November will recover compared to the previous month, but will still face certain pressure compared to the same period last year due to the high base number, and short-term prices may continue to adjust. On the policy side, on October 28, the "Proposal of the Central Committee of the Communist Party of China on Formulating the Fifteenth Five-Year Plan for National Economic and Social Development" was officially released. The "Proposal" clearly stated in the section on people's livelihood security and common prosperity that it is necessary to promote the high-quality development of the real estate industry, deploy the construction of a new model for real estate development, optimize the supply of affordable housing, adopt differentiated policies for different cities to increase the supply of improved housing, build "good houses," and establish a system for the safe management of the entire life cycle of houses, among other five major tasks. At the same time, the "Proposal" also emphasized the need to eliminate unreasonable restrictions on consumption such as cars and housing in order to boost consumption. In addition, as urban development enters the stage of improving the efficiency of existing resources, the "Proposal" once again emphasizes the need to "vigorously implement urban renewal," while activating and utilizing low-efficiency land and idle properties has become an important aspect of perfecting the market-oriented allocation of resources. At the local level, in October, many places optimized policies for the construction of "good houses." Chengdu issued a document to regulate architectural design planning and plot ratio rules; Shenzhen issued a document to steadily promote the implementation of the Residential Project Standard, requiring the approval of the fire rescue department for residential projects with heights exceeding 80 meters; Guangzhou, Kunming, Haikou, and other places released technical standards for "good houses." Additionally, Hefei, Nanjing, Chengdu, Guangxi, and other places optimized housing provident fund loan policies from the direction of increasing loan amounts, optimizing the conversion of commercial properties to public housing, and improving flexible employment deposits. Guangzhou specifically promotes the use of special loans to purchase existing commercial housing as resettlement housing. In addition, in October, provinces and cities such as Shandong, Hebei, and Chongqing issued special bonds worth over 22.5 billion yuan to repurchase and redevelop idle land. In October, the prices of second-hand homes in the top ten cities continued to decline Chart: Average listing price of second-hand homes in the top ten cities in October 2025 and month-on-month Chart: Average price and month-on-month change of second-hand homes in the top ten cities from October 2020 to October 2025 Data source: China Real Estate Index System CREIS According to the China Real Estate Index System's index of prices in 100 cities, in October 2025, the average price of second-hand homes in 100 cities decreased by 0.84% month-on-month and by 7.60% year-on-year; the average price of second-hand homes in the top ten cities dropped by 0.96% month-on-month and by 4.77% year-on-year. Looking at each city, the prices of second-hand homes in the top ten cities in October all fell compared to the previous month. In terms of month-on-month changes, Nanjing and Wuhan saw price declines of 1.80% and 1.68%, respectively; Tianjin and Chongqing (main urban area) had price decreases of 1.25%; Guangzhou, Hangzhou, Beijing, and Shanghai had price declines between 0.8% and 1.0%; Shenzhen and Chengdu had the smallest price declines, at 0.63% and 0.50%, respectively. In terms of year-on-year changes, Nanjing and Wuhan experienced price declines of 10.25% and 10.61%, respectively; Tianjin, Chongqing (main urban area), and Guangzhou had price declines of around 6% to 7%; Hangzhou, Beijing, Shanghai, and Shenzhen had price declines between 3% and 5%; Chengdu had the smallest price decline, at 1.14%. Beijing: In October, the transaction volume of second-hand homes in Beijing was 12,000 units, market activity decreased, and prices remain under pressure Chart: Number of second-hand homes sold and price trends in Beijing from October 2020 to October 2025 Data source: China Real Estate Index System CREIS In terms of transactions, from January to October, the number of second-hand homes sold in Beijing increased by 5% year-on-year. In October, 12,087 units were sold, a decrease of about 30% compared to the same month last year, affected by the high base number from the previous year and the demand released by the new policy in August. In terms of prices, in October, the price of second-hand homes in Beijing declined by 0.87% month-on-month and by 4.82% year-on-year. Chart: Average listing price of second-hand homes in various districts of Beijing in October 2025 Table: Typical new housing projects in Beijing Data source: China Real Estate Index System CREIS Shanghai: In October, the transaction volume of second-hand homes in Shanghai maintained a certain scale, and the market continued to prioritize price over quantity Chart: Number of second-hand homes sold and price trends in Shanghai from October 2020 to October 2025 Data source: China Real Estate Index System CREIS In terms of transactions, from January to October, the number of second-hand homes sold in Shanghai increased by 11% year-on-year. In October, 16,374 units were sold, a decrease of 7.6% month-on-month. Due to the high base number, the year-on-year decrease exceeded 20%. In terms of prices, in October, the price of second-hand homes in Shanghai decreased by 0.85% month-on-month and by 4.56% year-on-year. Chart: Average listing price of second-hand homes in various districts of Shanghai in October 2025 Table: Typical new housing projects in Shanghai Data source: China Real Estate Index System CREIS Guangzhou: In October, the transaction volume of second-hand homes in Guangzhou fell, and short-term prices continue to face pressure Chart: Number of second-hand homes sold and price trends in Guangzhou from October 2020 to October 2025 Data source: China Real Estate Index System CREIS In terms of transactions, from January to October, the number of second-hand homes sold in Guangzhou increased by 11.9% year-on-year. In October, market activity declined, and 6,245 second-hand homes were sold, a decrease of 13.8% year-on-year. In terms of prices, in the context of new regulations and high listing volumes, the price of second-hand homes in Guangzhou decreased by 1.00% month-on-month and by 5.49% year-on-year in October. Chart: Average listing price of second-hand homes in various districts of Guangzhou in October 2025 Table: Typical new housing projects in Guangzhou Data source: China Real Estate Index System CREIS Shenzhen: In October, the transaction volume of second-hand homes in Shenzhen maintained a certain scale, but the policy effects weakened Chart: Number of second-hand homes sold and price trends in Shenzhen from October 2020 to October 2025 Data source: China Real Estate Index System CREIS In terms of transactions, from January to October, the number of second-hand homes sold in Shenzhen increased by 19.8% year-on-year. In October, influenced by the diminishing policy effects, the market activity of second-hand homes in Shenzhen declined, with 4,196 units sold, a decrease of 7.7% month-on-month. Due to the high base number from the previous year, the year-on-year decrease was more significant. In terms of prices, in October, the price of second-hand homes in Shenzhen decreased by 0.63% month-on-month and by 3.13% year-on-year. Chart: Average listing price of second-hand homes in various districts of Shenzhen in October 2025 Table: Typical new housing projects in Shenzhen Data source: China Real Estate Index System CREIS Hangzhou: In October, the transaction volume of second-hand homes in Hangzhou decreased, and prices continued to decline Chart: Number of second-hand homes sold and price trends in Hangzhou from October 2020 to October 2025 Data source: China Real Estate Index System CREIS In terms of transactions, from January to October, the number of second-hand homes sold in Hangzhou increased by 3.8% year-on-year. In October, market activity declined, with 4,310 second-hand homes sold, a 10.6% decrease month-on-month. Due to the high base number from the previous year, the year-on-year decrease was significant. In terms of prices, in October, the price of second-hand homes in Hangzhou decreased by 0.87% month-on-month and by 4.91% year-on-year. Chart: Average listing price of second-hand homes in various districts of Hangzhou in October 2025 Table: Typical new housing projects in Hangzhou Data source: China Real Estate Index System CREIS Chengdu: In October, 17,000 second-hand homes were sold in Chengdu, and prices continued to decline Chart: Number of second-hand homes sold and price trends in Chengdu from October 2020 to October 2025 Data source: China Real Estate Index System CREIS In terms of transactions, from January to October, the number of second-hand homes sold in Chengdu increased by 11.5% year-on-year. In October, market activity declined, with 16,994 second-hand homes sold, a 12.4% decrease month-on-month. Due to the high base number from the previous year, the year-on-year decrease was 14.2%. In terms of prices, in October, the price of second-hand homes in Chengdu decreased by 0.50% month-on-month and by 1.14% year-on-year. Chart: Average listing price of second-hand homes in various districts of Chengdu in October 2025 Table: Typical new housing projects in Chengdu Data source: China Real Estate Index System CREIS Nanjing: In October, the performance of the second-hand home market in Nanjing was relatively flat, and there is still significant pressure on price adjustments Chart: Number of second-hand homes sold and price trends in Nanjing from October 2020 to October 2025 Data source: China Real Estate Index System CREIS In terms of transactions, from January to October, the number of second-hand homes sold in Nanjing decreased by 7.6% year-on-year. In October, 5,295 units were sold, a 17.0% decrease month-on-month and an 18.7% decrease year-on-year. In terms of prices, in October, the price of second-hand homes in Nanjing decreased by 1.80% month-on-month and by 10.25% year-on-year, still facing certain downward pressure in the short term. Chart: Average listing price of second-hand homes in various districts of Nanjing in October 2025 Table: Typical new housing projects in Nanjing Data source: China Real Estate Index System CREIS Wuhan: The market in Wuhan continued the trend of prioritizing price over quantity, with the transaction volume of second-hand homes in October remaining relatively flat compared to the previous year Chart: Number of second-hand homes sold and price trends in Wuhan from October 2020 to October 2025 Data source: China Real Estate Index System CREIS In terms of transactions, from January to October, the number of second-hand homes sold in Wuhan increased by 8.0% year-on-year. In October, 7,703 units were sold, an 8.4% decrease month-on-month and a 2.0% decrease year-on-year. In terms of prices, in October, the price of second-hand homes in Wuhan decreased by 1.68% month-on-month and by over 10% year-on-year. Chart: Average listing price of second-hand homes in various districts of Wuhan in October 2025 Table: Typical new housing projects in Wuhan Data source: China Real Estate Index System CREIS Chongqing (Main Urban Area): In October, the price of second-hand homes in Chongqing continued to decline month-on-month Chart: Month-on-month changes in the price of second-hand homes in Chongqing from October 2020 to October 2025 Data source: China Real Estate Index System CREIS In October, the average price of second-hand homes in Chongqing was 11,174 yuan/m, a month-on-month decrease of 1.25% and a year-on-year decrease of 6.26%, indicating short-term price pressure. Looking at different regions, Yuzhong District saw a relatively small decrease, while Dadukou and Banan Districts had relatively larger declines. Chart: Average listing price of second-hand homes in various districts of Chongqing (Main Urban Area) in October 2025 Table: Typical new housing projects in Chongqing Data source: China Real Estate Index System CREIS Tianjin: In October, nearly 10,000 second-hand homes were sold in Tianjin, and prices continued to adjust Chart: Number of second-hand homes sold and price trends in Tianjin from October 2020 to October 2025 Data source: China Real Estate Index System CREIS In terms of transactions, from January to October, the number of second-hand homes sold in Tianjin decreased by 3.3% year-on-year. In October, 9,890 units were sold, a 4.6% month-on-month decline and a year-on-year decrease of around 20%. In terms of prices, in October, the price of second-hand homes in Tianjin continued to adjust, with a 1.25% month-on-month decrease and a 6.88% year-on-year decrease. Chart: Average listing price of second-hand homes in various districts of Tianjin in October 2025 Table: Typical new housing projects in Tianjin Data source: China Real Estate Index System CREIS