Real estate volume leads price, and the trading situation of second-hand houses reflects an important indicator of the overall market trend. In November, the transaction volume in first-tier cities continued to rise. Among them, the total number of second-hand housing transactions in Shanghai reached 0.02705 million units, the highest monthly volume of second-hand housing transactions this year, hitting a new high in nearly 44 months; Shenzhen second-hand housing transactions reached 8,199 units, a 14% increase month-on-month, hitting a new high since October 2020; Beijing's second-hand housing signed volume reached 0.01876 million units, hitting a new high in nearly 20 months; Guangzhou's second-hand residential signed volume exceeded 0.011 million units. A recent visit to the second-hand housing markets in Shanghai and Shenzhen found that despite the significant increase in transaction volume, prices remain relatively stable, and the market tone is still "price leads quantity." Policies such as tax and fee reductions, cancellation of standards for ordinary and non-ordinary homes, have reduced transaction costs and will accelerate the turnover of second-hand houses. It is expected that the first-tier city real estate market will continue to recover in December, and a hot year-end market may appear. (Securities Times)